Oil firms have announced on Monday a big-time increase in the prices of diesel, gasoline and kerosene.
On the rise almost weekly, price hike set on November 4 will see diesel jumping up to P2.70 per liter, the biggest since June this year.
Last week, retailers increased the price of diesel by P2 per liter.
Gasoline, which saw an upward adjustment of P1.20 per liter last Tuesday just as motorists trooped to provinces for Undas, will go up by P1.70 per liter, marking a fifth straight week of hikes.
Kerosene, meanwhile, will increase by P2.10 per liter, the second straight upward adjustment after a hike of P1.70 per liter last week.
The price adjustments, expected starting Tuesday, will bring the total increase of fuel at P18.20 per liter for gasoline, P21.85 per liter for diesel, and P8.65 per liter for kerosene.
The Department of Energy (DOE) cited the higher demand amid easing US-China tensions, and the UK, US, and EU sanctions on Russia.
The agency added that the latest fuel price hikes are a result of new sanctions imposed by the United States on two Russian oil firms, with Britain also sanctioning Russia’s two largest refineries in October.
The recent sanctions are additions to the restrictions the US and UK already imposed on other major producers from Moscow in 2025.
Industry experts noted that despite expected increases in oil production through year-end and 2026, prices show no signs of slowing as the global oil market remains under pressure from geopolitical tensions, including the unrest in the Middle East.