Fuel prices up for 3rd week

MANILA, Philippines — Local pump prices will increase today as trade concerns and tension in the Middle East have kept global prices elevated.

This is the third consecutive week of fuel price hikes.

In separate advisories, oil firms announced they would raise gasoline prices by P1.20 per liter, diesel by P.95 and kerosene by P1 per liter.

Eastern Petroleum, Phoenix Petroleum Philippines, Pilipinas Shell Petroleum Corp., Petro Gazz, PTT Philippines, Seaoil Philippines, Total Philippines and Unioil said the price adjustment would start at 6 a.m.

In the past trading week, global oil prices jumped due to rising tension in the Middle East and falling US crude stockpile, Reuters reported.

Anticipation of the meeting between the US and China during the G20 Summit in Japan, and expectations that the Organization of Petroleum Exporting Countries (OPEC) will extend an output cut agreement also pushed prices higher.

Last week, oil companies raised gasoline prices by P0.30 per liter, diesel by P0.55 and kerosene by P0.45 per liter.

Prior to this week’s price movements, year-to-date adjustments stand at a net increase of P3.70 per liter for gasoline, P2.75 for diesel and P1.10 per liter for kerosene, according to data from the Department of Energy.