Gas, diesel up by P0.80 per liter today

MANILA, Philippines — Motorists will have to pay more for fuel, with oil companies implementing price hikes today.

In separate advisories, Shell, Caltex and Seaoil announced an upward adjustment of P0.80 per liter for gasoline and diesel, and P0.10 per liter 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 linked the price increase to rising tensions in the Middle East amid reports that the ceasefire deal between Israel and militant group Hamas was facing challenges.

This has sparked concerns in the market that the war could erupt once again.

Also contributing to the hike were the stricter sanctions imposed by the US on Iran and Russia’s oil industries, which could lead to supply disruptions.

Once these adjustments take effect, the year-to-date net increase for gasoline, diesel and kerosene stands at P4.05, P4.35 and P2.70 per liter, respectively.

Last week, oil companies rolled back prices of gasoline and diesel by P0.10 per liter and kerosene by P0.30 per liter.