Motorists using gasoline-fed vehicles will need to cough up higher budget for fuel this week as the price of this commodity will rise by P1.00 per liter, as advised by oil companies. For diesel, there will be a slight reduction of P0.10 per liter, while kerosene prices will be down by P0.60 per liter. As of this writing, the oil companies that already sent notices on their price adjustments effective Tuesday, March 14, include Pilipinas Shell Petroleum Corporation, Seaoil and Cleanfuel, while the rest of their rival firms are expected to match the price hike trends. Domestic industry players will be adjusting their prices based on the Mean of Platts Singapore (MOPS), as anchored on the outcome of global trading in the regional market last week. On the global sphere, prices remained highly volatile due to colliding factors that have been exerting pressure on cost movements of fuel commodities. As of Monday, March 13 trading, international benchmark Brent crude was at $83 per barrel level. One major development that affected last week's market sentiment was the renewed hawkish tone of the US Federal Reserve when it comes to interest rate hikes, as well as the revival of recession fears that will be afflicting the global economy. Nevertheless, talks of deeper production cuts to be carried out by Russia as retaliation to Europe’s sanctions had been seen as possible phenomenon that could prompt run-up in prices. There were also earlier projections of broader industrial activities in China, but that was eventually reversed when it became manifest that the Asian super power has just been tracking ‘modest pace’ of growth in its economy. Currently, the Philippines is left with no choice but to bear with the straining elements when it comes to swing of prices in the world market – given the fact that it is very import-dependent on meeting its fuel requirements. The Marcos administration is pushing for energy security that shall lean on harnessing the country’s indigenous oil and gas resources, but that solution could be 20 years down the road yet and some of the petroleum-rich prospects in the West Philippine Sea are also fraught with diplomatic concerns.