Diesel Prices Seen Soaring by Up to P10.50 Per Liter Next Week

MANILA, Philippines — Motorists need to tighten their belts as local oil firms plan to impose massive oil price hikes of up to P10.50 per liter next week, driven by worsening geopolitical conflicts. In an advisory, Jetti Petroleum president Leo Bellas said diesel prices could hit another double-digit increase, ranging from P10 to P10.50 per liter. Gasoline prices, meanwhile, are seen to increase by P5.70 per liter. "The geopolitical conflicts are worsening," Bellas said. Oil companies are expected to announce the price adjustments on Monday, with the changes taking effect Tuesday. The price hikes are expected to further strain the budgets of ordinary Filipinos, who are already grappling with high inflation and the rising cost of basic goods. The Philippines is a net importer of oil, making it vulnerable to global price shocks. The country's economy has been struggling with inflation, which stood at 5.4 percent in April, driven by higher food and transport costs. The government has been trying to mitigate the impact of rising fuel prices through various measures, including targeted subsidies and tax relief. However, the effectiveness of these measures remains to be seen, as global oil prices continue to be volatile.