Fuel prices spike again on Tuesday

February is ending on a high note and high fuel prices.

Starting Tuesday, Feb. 25, gasoline prices will jump by P0.70 per liter, while diesel is set to increase by P0.40 per liter.

Kerosene prices have also climbed by P0.20 per liter.

Shell Pilipinas, Clean Fuel, Seaoil, and Caltex are among the oil companies that have announced these price movements.

Last week, the prevailing prices in Metro Manila rounded that gasoline cost around P60.20 to P70.29 per liter, diesel weighed P56.65 to P68.10 per liter, and kerosene at P73.67 per liter.

These price adjustments can be attributed to the continued supply slowdown in the global oil market, as analysts observed the rising tensions in Ukraine.

Additionally, G7 nations—the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom—are planning to tighten the Russian oil price cap to encourage peace talks with Ukraine. This, in turn, could lessen the risk of disruption in oil.

Other factors to this week’s adjustment include the potential delay in output increases from OPEC+ nations until April, as well as concerns looming over India’s oil production.

The Ramadan season could drive up oil demand in Asia, potentially causing higher pump prices, though supply may not meet this demand.