Motorists will brace for another round of fuel price hikes on Tuesday, with pump prices set to climb by as much as PHP1.90 per liter — marking the eighth consecutive weekly increase amid escalating geopolitical tensions in the Middle East.
In an advisory issued Monday, Seaoil announced that gasoline prices will rise by PHP1.90 per liter, diesel by PHP1.20 per liter, and kerosene by PHP1.50 per liter, effective 6 a.m. The adjustments reflect renewed volatility in global crude markets following intensifying conflict in the region.
According to Michael Ricafort, chief economist at Rizal Commercial Banking Corporation, crude oil futures at the New York Mercantile Exchange surged about 6.1 percent to USD71.08 per barrel in Monday trading, after briefly touching an intraday high of USD75.33.
The sharp uptick came on the heels of coordinated US and Israeli attacks on Iran that reportedly killed its supreme leader, Ali Khamenei, triggering retaliatory strikes from Tehran.
Ricafort noted that the geopolitical shock also weighed on the US dollar, which opened at 57.85 against the peso, slightly weaker than last Friday’s 57.7 close. Currency movements, combined with elevated global oil prices, are expected to feed directly into domestic pump adjustments.
He warned that sustained volatility could have broader macroeconomic consequences. Rising oil prices “would lead to higher local fuel pump prices and some pick up in overall inflation,” Ricafort said, adding that markets remain in a wait-and-see mode as investors assess the risk of prolonged disruption in global energy supply chains.
For consumers already grappling with persistent price pressures, the latest round of increases underscores how quickly geopolitical flashpoints abroad can translate into higher transport and commodity costs at home.