Fuel prices going up for 9th straight week

MANILA, Philippines — Diesel and kerosene prices are headed for a ninth consecutive increase next week as rising geopolitical tensions continue to threaten global oil supplies.

Local industry sources indicated that diesel prices may climb by P0.40 to P0.60 per liter in the final week of February, while gasoline is likely to hold steady or edge up by P0.10 per liter.

Should gasoline prices end up higher next week, it will mark the seventh straight increase.

Kerosene prices, meanwhile, may rise by around P0.10 per liter, with the final adjustment potentially higher once oil firms’ operating costs and other premiums are factored in.

“The expected adjustments for next week were heavily influenced by heightened geopolitical risks between the US and Iran, and Russia and Ukraine,” said Rodela Romero, assistant director at the Department of Energy.

The final fuel price adjustments will be announced on Monday and will take effect the following day.

Earlier this week, oil firms hiked prices of gasoline by P1.20 per liter and diesel and kerosene by P0.60 per liter.