Manila: Oil prices will increase by up to PHP1.40 per liter this week, partly on supply issues, marking the fourth consecutive week of across-the-board price hikes.

According to Philippines News Agency, Seaoil announced in an advisory on Monday that the price of its gasoline will be increased by PHP1 per liter, effective 6 a.m. on Tuesday. At the same time, the price of diesel will rise by PHP1.40 per liter, and kerosene by PHP0.70 per liter. Similarly, Caltex confirmed that the same adjustments on its oil products will take effect at 6:01 a.m. on the same day.

PTT Philippines, in its advisory, also stated that it will raise gasoline prices by PHP1 per liter and diesel prices by PHP1.40 per liter at 6 a.m. on Tuesday. Last week, Jetti Petroleum president Leo Bellas highlighted the potential for further oil price hikes this week, attributing the increase to disruptions in oil supply from Russia due to the ongoing conflict with Ukraine, as well as developments in the foreign exchange market.

Bellas also noted concerns about a possible tighter supply ahead due to new U.S. sanctions targeting Iran's oil revenue stream and initial market expectations that OPEC+ would not change its production output, both of which have supported price increases. Last week, oil prices rose between PHP0.70 to PHP1 per liter.