By Samantha Yu
MANILA – Filipino motorists are bracing for another steep fuel price surge next week, with gasoline expected to climb by up to PHP1.60 per liter amid escalating geopolitical risks in the Middle East.
Jetti Petroleum president Leo Bellas reported Thursday that diesel could rise by PHP0.80 to PHP1 per liter, while gasoline may jump PHP1.40 to PHP1.60 per liter.
The recent spike follows Tuesday’s hike of PHP0.60 per liter for gasoline and PHP1.20 per liter for diesel and kerosene.
“Persistent instability in the Middle East continues to push crude oil prices upward, directly impacting gasoline and diesel,” Bellas explained.
He also cited lower exports from China and South Korea due to Lunar New Year slowdowns as a factor driving prices higher.
“The looming threat of conflict between the US and Iran remains the main factor keeping crude prices elevated,” Bellas added. “Both sides have signaled readiness to escalate, raising the risk of a disruption-driven spike.”
Further pressure comes from temporary closures in the Strait of Hormuz for Iranian live-fire drills, demonstrating how quickly transit interruptions can impact global oil supply.
Bellas noted that some relief could come from renewed US tariff uncertainties and the potential resumption of OPEC+ production increases in April, which may stabilize supply and moderate price gains.
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