Fuel prices up by over P2

MANILA, Philippines — Fuel prices will increase by as much as P2.70 per liter today.

In separate advisories, Shell, Caltex and Seaoil announced upward adjustments of P2.65 per liter for gasoline, P2.70 per liter for diesel and P2.60 per liter for kerosene.

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

This marks a four-week uptrend for diesel and three straight weeks of increases for kerosene.

The price hikes were due to worries about potential supply disruptions amid escalating tensions in the Middle East, according to the Department of Energy.

Aside from geopolitical conflicts, oil supplies in Asia also tightened due to production cuts and unplanned refinery outages in Indonesia and Malaysia.

These latest adjustments will bring the year-to-date net increases for gasoline and diesel to P9.05 and P6.75 per liter, respectively.

Kerosene has a total year-to-date net decrease of P2.75 per liter.