MANILA (UPDATED) -- Airfares may climb in March as the summer season approaches because of an increase in fuel surcharge.

In an advisory, the Civil Aeronautics Board (CAB) upped the fuel surcharge rate for March to Level 5. It was set at Level 4 in October.

An official from the Philippines Department of Energy earlier noted that oil prices are rising mainly because of market fears that world oil supply will eventually be affected by US sanctions against oil from Russia and Iran.

Cebu Pacific president Xander Lao said the company will continue to offer "best value fares" to keep travel accessible to as many Filipinos as possible. 

"With summer travel approaching, we encourage our passengers to book early and take advantage of our lowest fares," he said. 

AirAsia Philippines communications head First Officer Steve Dailisan also noted that their "piso fare" offerings can help Filipinos save on travel costs.