MANILA, Philippines — Oil companies implemented another round of fuel price increases today, March 10, with diesel and kerosene recording steep hikes as global oil prices continue to surge amid tensions in the Middle East.
According to the Department of Energy (DOE), gasoline prices increased by around P7.00 to P13.00 per liter, while diesel prices rose between P17.50 and P24.25 per liter. Meanwhile, kerosene registered the biggest adjustment, climbing by P32.00 to P38.50 per liter.
The latest adjustments mark the ninth straight week of price increases for gasoline and the 11th consecutive week for diesel and kerosene, reflecting sustained volatility in the global oil market.
To soften the impact of the large increases, oil companies agreed to implement the price adjustments in a staggered manner, spreading the hikes over several days instead of imposing the full increase at once.
The DOE said the arrangement was coordinated with fuel firms to help ease the immediate burden on motorists, particularly public transport drivers and businesses heavily dependent on fuel.
Energy officials attributed the sharp rise in pump prices to supply concerns and market uncertainty caused by escalating tensions in the Middle East, which have pushed international crude oil prices higher.
The agency added that rising shipping and insurance costs tied to the geopolitical situation have also contributed to the upward pressure on fuel prices.
Amid the continuing increases, the DOE said it is closely monitoring fuel retailers to ensure proper implementation of price adjustments and prevent unauthorized hikes.
The government is also studying possible relief measures, including fuel subsidies for affected sectors, should global oil prices remain elevated in the coming weeks.
The latest fuel price hikes are expected to place additional pressure on motorists and could potentially affect transportation fares and the prices of basic goods and services nationwide.
