‘US strike on Venezuela may push up fuel prices’MANILA, Philippines — Domestic pump prices could climb higher than expected next week as oil markets reel after the United States bombed Venezuela and captured its authoritarian left-wing leader Nicolas Maduro. “The geopolitical risks due to the recent events in Venezuela could push premiums and freight rates higher, which may cause next week’s local oil prices to rise more than initially estimated,” Jetti Petroleum president Leo Bellas told reporters yesterday. Bellas said the suspension and paralysis of Venezuela’s oil exports may drive global oil prices amid worries over supply disruptions. “This new geopolitical risk will keep prices volatile as markets digest the longer-term effects on global supply due to the loss of Venezuelan crude flows,” he noted. “The world watches how other world powers react, such as China – the biggest buyer of Venezuela’s oil – which condemned the US military strikes on Venezuela,” Ricafort said.

Source: Philippine Star January 04, 2026 16:48 UTC