Gas prices up P1, diesel by P0.80 today

MANILA, Philippines — Motorists are facing yet another blow at the pump, as fuel prices climb by as much P1 per liter today.

In separate advisories, Jetti, Seaoil, Petron, Caltex and PTT Philippines announced a price increase of P0.80 per liter for diesel and P1 per liter for gasoline and kerosene.

The adjustments marked the sixth straight week of hikes for gasoline and the fifth time in a row for diesel and kerosene.

The Department of Energy attributed the price movements to the escalating tensions abroad.

DOE-Oil Industry Management Bureau assistant director Rodela Romero pointed to the continued geopolitical risks brought about by the sanctions imposed by the United States and the European Union on the Russian oil industry.

Also exerting upward pressure on domestic pump prices were concerns about the impact of Ukraine’s massive drone attacks on at least 361 Russian energy sites, Romero said.

Russia was the world’s third largest oil producer in 2023, accounting for 11 percent of the total global production, data from the US Energy Information Administration showed.

Jetti president Leo Bellas said growing fears of supply disruptions from Russia continued to rattle the global oil market.

“The intensified attacks by Ukraine on Russia’s ports and refineries have already impacted Russian supplies, and rising concerns of a broader escalation of the tension in the Middle East are also supporting prices,” he added.

Last week, oil firms hiked pump prices of diesel by P0.50 per liter and gasoline and kerosene by P0.10 per liter.