Another wave of increase is expected next week, as fuel prices are expected to rise for the fifth consecutive week.

Based on the four-day trading Mean of Platts Singapore (MOPS), gasoline could spike by around ₱1 to ₱1.20 per liter, while diesel could jump around ₱0.60 to ₱0.80 per liter.

Kerosene is also seen to increase by ₱0.65 per liter, or more or less.

These price spikes persist due to the ongoing risks posed by geopolitical tensions, particularly between Ukraine and Russia.

According to the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) director Rodela Romero, the sanctions imposed by the United States (U.S.) on Russian oil are expected to be a big factor in next week’s price movements.

To recall, the U.S. imposed sanctions on countries purchasing Russian oil; this was evident with India and China buying their fuel from Russia.

Earlier this week, the U.S. called on the Group of Seven (G7)—which includes Canada, France, Germany, Italy, Japan, and the United Kingdom—to raise their tariffs on these two countries as a way to put a stop to the ongoing tensions.

Jetti Petroleum president Leo Bellas added that, “the intensified attacks by Ukraine on Russia’s ports and refineries have already impacted Russian supplies.”

Besides the ongoing efforts to slow down the war between Ukraine and Russia, Bellas said that there are growing concerns in parts of the Middle East.

“[The] rising concerns of a broader escalation of the tension in the Middle East are also supporting prices,” he said.

Since the summer driving season has come to a close, Jetti's president added that the market is seeing a rising demand in diesel due to the Autumn season, which in turn could slow down supply.

“While gasoline demand indicators continue to weaken, operational issues in major refineries have affected gasoline trade flows, and the upcoming refinery turnarounds are expected to tighten supply,” he added.

Once realized, fuel prices have yet to go down in September.