Fuel Prices Expected to Rise in Philippines, US Amid Russian Oil Sanctions

Fuel prices are expected to rise across various regions due to multiple factors including U.S. sanctions on Russian oil companies, refinery issues, and seasonal demand changes. In the Philippines, diesel prices may increase by up to P1.40 per liter, driven by disrupted supply flows caused by sanctions on Russian oil. In the U.S., oil prices surged following these sanctions, with experts warning that gas prices, which had recently fallen to their lowest since 2021, may begin to climb again, particularly as winter travel increases. The Midwest is experiencing significant gas price hikes linked to a fire at a major refinery, resulting in wholesale gasoline costs rising sharply. Additionally, in Michigan, Consumers Energy has been approved for a $157 million gas rate hike, leading to an 8.1% increase in consumer bills due to infrastructure repairs. Overall, these developments suggest upward pressure on fuel and energy costs in the near term, impacting consumers nationwide.