Oil firms hike fuel prices anew

MANILA, Philippines — Motorists should brace for an increase in pump prices of petroleum products today, amid tightening global supplies and rising tensions abroad.

In separate advisories, Shell, Caltex and Seaoil said that gasoline, diesel and kerosene prices would climb by P0.45, P0.90 and P0.30 per liter, respectively.

Petro Gazz, Cleanfuel, PTT Philippines and Jetti are set to implement the same price movements except for kerosene, which they do not offer.

The Department of Energy (DOE) said the price hikes were attributed to supply risks amid escalating geopolitical conflicts in the Middle East.

“The latest economic stimulus from China offset the weak demand growth from Europe. The US crude inventory draw is a bullish signal indicating tightening global supplies,” the DOE added.

With these price adjustments, gasoline and diesel will have a year-to-date net increase of P6.30 and P2.85 per liter, respectively, while kerosene will have a total net decrease of P6.05 per liter.

Last week, oil companies hiked prices of gasoline by P1.10 per liter and diesel by P0.20 per liter, while kerosene prices held steady with no movement.