Oil prices increase for 3rd straight week

MANILA, Philippines —  Motorists can expect fuel prices to increase by as much as P0.95 per liter today, amid ongoing geopolitical tensions that threaten global supply.

In separate advisories, Shell, Caltex and Seaoil said gasoline, diesel and kerosene will increase by P0.95, P0.65 and P0.35 per liter, respectively.

PetroGazz, Cleanfuel and Jetti will implement the same price adjustments, except for kerosene which they do not carry.

The latest price movements, which marked a third straight week of hikes, will bring the year-to-date net increases for gasoline, diesel and kerosene to P9.25, P8.40 and P1.75 per liter, respectively.

The Department of Energy said last week that crude oil futures saw a slight increase as concerns over global supply persisted, following mounting tensions abroad.

The restriction in OPEC’s production and the forecast for peak summer season demand starting this month also brought upward pressure on domestic oil prices, the agency added.

Last week, oil companies hiked pump prices of gasoline, diesel and kerosene by P1.40, 1.75 and P1.05 per liter, respectively.