Fuel prices are set to rise anew this week, driven by delayed production increases and geopolitical tensions in the Middle East.
Starting Tuesday, Nov. 12, motorists can expect to pay more at the pump, with diesel prices increasing by P2.10 per liter, gasoline by P1.50, and kerosene by P1.20.
Major fuel companies, such as Shell Pilipinas, Seaoil, PetroGazz, Caltex, and CleanFuel, have announced price adjustments.
Last week, the OPEC+ group, including the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers, postponed planned oil production increases until December that contributed to the price hikes.
This delay, coupled with ongoing conflicts in the Middle East, has also put upward pressure on oil prices.
Industry players also cite the potential for further disruptions to oil output due to escalating tensions between Iran and Israel.
Additionally, industry players note that reduced oil exports from China and India, coupled with weaker demand from China and the impact of interest rate adjustments in the United States, have all contributed to the price increases.
The Department of Energy (DOE) reported that current retail prices in Metro Manila for gasoline range from P59.55 to P68.50 per liter, while diesel prices range from P55.15 to P66.54.