Fuel prices going up today

MANILA, Philippines — Gasoline prices are set to increase by P1.20 per liter today, driven by mounting tensions abroad that continue to ripple through domestic pumps.

Jetti, Seaoil, Petron and PTT Philippines are among the oil companies poised to roll out the latest price hike at their stations.

Meanwhile, no price movements will be implemented for diesel and kerosene prices this week.

Rodela Romero, assistant director at the Department of Energy, attributed the increase in gasoline prices to escalating geopolitical tensions following Ukraine’s recent attack on Russia’s oil infrastructure.

Also exerting upward pressure on gasoline were tight supply and strong demand in Asia, according to Jetti president Leo Bellas.

“Gasoline exports from regional refiners have remained low, dragged down by lower volumes out of China and South Korea,” he noted.

Bellas had earlier projected a diesel price increase of P0.10 to P0.30 per liter. However, last Friday’s trading in the Mean of Platts Singapore (MOPS), a key pricing benchmark for petroleum products, altered the expected adjustment.

“The applicable premium and freight components were below initial estimates, and the full-week diesel MOPS average was also lower compared to the first four days,” he said.