JUST a week after some oil price rollbacks, motorists may face higher pump prices again as global oil demand rises and geopolitical tensions persist.

Industry sources, based on four days of trading in the world market, estimate potential hikes of P0.40 to P0.60 per liter for gasoline, P0.20 to P0.40 for diesel, and around P0.10 for kerosene. Final price adjustments will depend on Friday’s trading results, to be announced Monday and implemented the following day.

In a Philstar report, the Department of Energy (DOE) said the expected increases are largely driven by a decline in US oil inventories, caused by stronger refinery demand.

DOE-Oil Industry Management Bureau assistant director Rodela Romero also cited ongoing tensions between Iran and Israel as a factor adding pressure to prices.

Global uncertainties, including the Ukraine-Russia conflict, are further influencing market trends. Jetti Petroleum president Leo Bellas noted that tighter Western and US sanctions on Moscow, along with new tariffs on Russian oil buyers, could “disrupt supply flows.”

According to the US Energy Information Administration, Russia was the world’s third-largest oil producer in 2023, accounting for 11 percent of total global output.

The projected increases follow last Tuesday’s adjustments, when oil companies raised gasoline prices by P0.60 per liter while rolling back diesel and kerosene by P0.80 and P0.90 per liter, respectively.(MyTVCebu)

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• #fuel price hike
• #Philippines
• #Department of Energy
• #DOE-Oil Industry Management Bureau
• #Rodela Romero
• #Jetti Petroleum
• #Leo Bellas
• #US Energy Information Administration
• #Iran-Israel tensions
• #Ukraine-Russia conflict
• #Russian oil sanctions
• #Philippine oil