Manila: Fuel prices will rise by up to PHP0.30 per liter on Tuesday, oil firms announced Monday. In separate advisories, Seaoil and PTT Philippines stated that gasoline prices would increase by PHP0.30 per liter and diesel by PHP0.20 per liter, effective 6 a.m.

According to Philippine News Agency, the uptick in gasoline prices marks a reversal from the PHP0.10 per liter decline observed last week. Meanwhile, the rise in diesel prices is the third consecutive weekly increase, which authorities attribute partly to geopolitical developments overseas. These developments are cited as significant factors impacting fuel prices, despite predictions of an oversupply leading to a decline in prices within Asia.

Seaoil further indicated that the price of its kerosene would also increase by PHP0.30 per liter at the same time. Authorities have pointed out that geopolitical concerns continue to pose major risks to fuel prices, even as the market anticipates a potential decline due to an expected oversupply in the region.