Motorists in the Philippines should prepare for another increase in fuel costs this Tuesday, with both gasoline and diesel prices expected to rise by ₱1.20 per litre beginning November 18. This will mark the seventh consecutive week of hikes for gasoline and the fourth for diesel.
The main reasons behind the increase:
- Supply pressures from recent refinery outages and sanctions affecting global oil exports are tightening fuel availability.
- Local firms confirmed the hike, while kerosene prices remain unchanged due to measures protecting its cost.
Why It Matters:
- A ₱1.20 per litre increase adds up quickly, potentially raising transportation and logistics costs and affecting goods prices and household budgets.
- Fuel price changes can influence inflation and consumer spending.
- Vehicle owners and operators should consider adjusting budgets or fuel use ahead of time.