Fuel prices climb up to P2 per liter

MANILA, Philippines — Motorists are facing another round of fuel price increases today, with diesel and kerosene rising for the third straight week this year.

In separate advisories, Jetti, Seaoil, Petron, PTT Philippines and Caltex announced a per-liter price hike of P1 for gasoline, P2 for diesel and P1.50 for kerosene.

The latest adjustments bring the year-to-date net increase for gasoline, diesel and kerosene prices to P1.20, P2.40 and P1.90 per liter, respectively.

“Crude oil and finished petroleum products had a short-lived upswing (last) week driven primarily by fears of an escalation in tensions in Iran,” said Rodela Romero, assistant director at the Department of Energy.

Romero said the conflict could disrupt crude supplies from OPEC’s fourth-largest producer.

“The protests in Iran and the threat of US intervention in support of demonstrators have raised concerns that the ensuing conflict could spread and threaten flows through the Strait of Hormuz,” Jetti president Leo Bellas said.

Also exerting upward pressure on prices were the drone attacks on two Western-operated oil tankers in the Black Sea, which further heightened concerns over potential supply disruptions.