LOOK: Gas stations jack up prices today

Fuel companies implement new prices

If there was ever a doubt that events happening half a world away couldn't possibly matter to us in the Philippines, then this will absolutely dispel all of that.

The Russo-Ukrainian war is causing a huge increase in the price of crude oil as Russia is one of the biggest producers of oil worldwide. On the day the invasion began (February 24), Brent crude oil prices were around USD 95.49 per barrel; today (March 8) it's at USD 125.48.

Earlier today, major Philippine fuel retailers implemented a price hike across the board; a direct consequence of the ongoing invasion being conducted by Russia against neighboring Ukraine. It was only a matter of time before fuel companies in the country implemented a big increase to account for this, as it was reported that gasoline was going up by about PHP 3.6 to 3.8 per liter, while diesel was going to bear the brunt of it at PHP 5.3 to 5.5 per liter.

Looking around some stations in NCR, it's clear that the price jumps are big. Diesel is now at over PHP 60 per liter, depending on where you look. Gasoline, on the other hand, is already closer to PHP 70.

Mind you, these are prices of some stations only. In other regions, prices are higher, particularly in places like Cebu and Palawan.

There are reports that prices will soar even higher next week in what could be the biggest price jump we have ever seen. Unless the conflict ends and the status quo ante is restored, prices will likely go up even further. Also, expect that the prices for basic goods and necessities to go up as logistics will also have to pass on the increases to consumers.