Oil Prices Set for Major Hike as Global Tensions Rise

Oil prices are expected to surge in the Philippines next week, with domestic fuel costs potentially increasing by as much as PHP2.25 per liter.

This prediction comes from Jetti Energy president Leo Bellas, who cited the impact of international market trends on local oil prices.

Bellas pointed out that geopolitical tensions and supply chain disruptions are driving up global oil prices, with the US-Iran conflict and Russia's refining sector under attack as key factors.

According to Bellas, diesel prices could jump between PHP1.75 and PHP2.25 per liter, while gasoline prices may rise by between PHP1 and PHP1.50 per liter.