Major fuel companies in the Philippines have announced significant price increases for the week of October 28, with the following adjustments per litre: diesel up ₱2.00, gasoline up ₱1.20, and kerosene up ₱1.70.
These hikes come amid global supply concerns — particularly recent U.S. sanctions on Russian oil firms and a drop in U.S. crude oil inventories — which are being cited by local companies as driving the higher cost.
Year-to-date, motorists have already absorbed significant increases: gasoline prices are up roughly ₱15-16.50 per litre, diesel about ₱17-19 per litre, and kerosene around ₱4-6.55 per litre.