Fuel prices up by over P1 per liter

MANILA, Philippines — Starting today, pump prices of petroleum products are set to increase by over P1 per liter, as concerns over global supply escalate.

In separate advisories, Shell, Caltex and Seaoil announced a per-liter price hike of P1.35 for gasoline, P1.30 for diesel and P1.10 for kerosene.

Petro Gazz, Cleanfuel, PTT Philippines and Jetti would apply the same adjustments, except for kerosene, which they do not offer.

The Department of Energy (DOE) linked the upward adjustments to the imposition of new US sanctions aimed at reducing Iranian oil exports.

Another factor contributing to the increase was OPEC’s plan to cut oil production to compensate for pumping above agreed quotas, the DOE said.

With these adjustments, the year-to-date net increase for gasoline and diesel now stands at P2.30 and P2.85 per liter, respectively.

Kerosene prices, on the other hand, have declined by P1.80 per liter since the start of the year.

Last week, oil companies rolled back prices of gasoline by P3.60, diesel by P2.90 and kerosene by P3.30 as trade tensions between the US and China dampened demand for crude oil.