Fuel prices seen rising again in first week of March

National

FRESH fuel price increases are set to greet motorists in the opening week of March, extending a string of adjustments that have pushed pump rates higher over the past two months.

Preliminary industry estimates show gasoline prices may climb by P1.40 to P1.60 per liter, while diesel could rise by P0.80 to P1 per liter. Kerosene is also expected to post an increase, with final adjustments still subject to additional operating costs and applicable premiums.

The projected hike comes on the heels of this week’s adjustments, which saw gasoline prices increase by P0.60 per liter and diesel and kerosene each go up by P1.20 per liter.

Rodela Romero, assistant director of the Department of Energy, said international oil markets continue to weigh developments between the United States and Iran, including additional US sanctions on tankers carrying Iranian crude and heightened military activity in the Middle East.

“The US sanctioned 12 more tankers transporting Iranian crude and continues its massive military buildup in the Middle East region. These contributed to the upward direction of petroleum product prices,” Romero said in a Philstar report.

Leo Bellas, president of Jetti Petroleum, noted that concerns over potential supply disruptions have kept prices elevated, with both countries signaling their readiness to escalate tensions. He also cited Iran’s reported live-fire drills and the temporary closure of parts of the Strait of Hormuz as an indication of its capacity to disrupt transit in the key shipping lane.

Oil firms are expected to finalize the exact adjustments after the close of trading. The new prices will be announced on Monday and implemented the following day.(MyTVCebu)