Geopolitical Tensions Drive Mixed Global Fuel Price Shifts
Fuel prices fluctuated across Asia as Houthi and Ukrainian attacks on energy infrastructure drove diesel costs up while improved gasoline supply lowered prices.
Fuel prices showed contrasting trends across Asia on October 23, 2026, driven by a combination of regional supply improvements and global geopolitical instability. In the Philippines, the Department of Energy announced a decrease in gasoline and kerosene prices, though diesel prices rose by 2.60 pesos per liter.
Leo Bellas, president of Jetti Petroleum, attributed the rise in diesel costs to escalating hostilities in the Middle East and Eastern Europe. He noted that Houthi attacks on Saudi infrastructure and vessel attacks in the Gulf, alongside Ukrainian strikes on Russian refineries, have threatened crude shipments and pushed refined product prices higher.
Conversely, gasoline prices benefited from increased refinery output and improved supply in Asia. In South Korea, the Korea National Oil Corporation reported a slight increase in the national average gasoline price to 1,855.92 won per liter, while diesel prices fell to 1,841.88 won. Bellas observed that rising gasoline inventories in Singapore provided some market relief despite the broader instability affecting the Arab Gulf.
