By Roni San Pedro
MANILA, Philippines — Fuel prices are expected to increase anew next week, with motorists facing possible hikes of up to P2 per liter as global oil markets react to heightened geopolitical tensions.
Leo Bellas, president of Jetti Petroleum, said diesel prices may climb by about P1.80 to P2 per liter beginning January 20. Gasoline prices could also rise by around P1 to P1.20 per liter.
Should the adjustments take effect, diesel would record its fourth straight weekly increase, while gasoline would see its second consecutive uptick.
Bellas explained that both crude oil and refined fuel prices posted significant gains during the first four days of trading this week, reflecting renewed uncertainty in the international energy market.
He cited ongoing geopolitical flashpoints in Venezuela, Iran, and the Black Sea as major drivers of price volatility, noting that these risks have overshadowed expectations of a potential supply surplus.
Concerns have also intensified over unrest in Iran and the possibility of US involvement in support of demonstrators, raising fears that the situation could escalate and threaten oil shipments through the Strait of Hormuz.
The Strait of Hormuz is a vital passageway for global oil trade, serving as a key route for crude exports from the Persian Gulf. Any disruption along this corridor typically has immediate repercussions on global oil prices and, in turn, local fuel costs.
