Manila: An oil firm announced another round of fuel price increases of up to PHP18/liter on Tuesday, marking the third consecutive week of steep hikes driven by the ongoing conflict in the Middle East.

According to Philippines News Agency, Jetti Petroleum stated it will raise gasoline prices by PHP8/liter and diesel by PHP18/liter, effective 6 a.m. Tuesday. Seaoil also announced a PHP9.70/liter increase for gasoline, PHP16.80/liter increase for diesel, and PHP20.90/liter hike for kerosene, all effective from 6 a.m. Tuesday. Unlike the previous week, when adjustments were implemented on a staggered basis, the latest increase will be applied in one tranche.

The Department of Energy (DOE) and other oil companies have yet to release their respective price adjustment figures for the week. Energy Secretary Sharon Garin previously assured the public that, despite sharp increases in fuel prices due to supply disruptions in the Middle East, domestic fuel supply remains sufficient and could last until early May, provided conservation efforts are observed.

As part of these efforts, government agencies have been directed to limit fuel and electricity consumption and aim for at least 20 percent savings by the end of the year. The government is pushing these measures to help cushion the impact of rising oil prices, which continue to affect multiple sectors.