Oil companies increased pump prices on Tuesday, August 26, with gasoline up by 70 centavos per liter, diesel rising 50 centavos, and kerosene increasing by 30 centavos.
Industry sources attributed the price hikes to ongoing geopolitical tensions between Israel and Iran, the Russia-Ukraine conflict, and a significant drop in US crude and gasoline inventories. Last week, gasoline prices rose by 69 centavos, while diesel and kerosene saw slight decreases of 80 and 90 centavos, respectively.
Since the start of the year, gasoline prices have climbed by P12.10 per liter, diesel by P12.35, and kerosene by P2.05, reflecting continued volatility in global oil markets.
Fuel Prices Rise Amid Global Tensions and Falling US Crude Stocks
