Pump prices rise by up to P1.60/L today

MANILA, Philippines — Fuel prices stay up at the start of February as diesel rises for the sixth straight time and gasoline extends its month-long increase.

Starting today, gasoline, diesel and kerosene prices are set to climb by P0.80, P1.60 and P1.10 per liter, respectively, according to Jetti, Seaoil, Petron, Caltex and PTT Philippines.

In a statement yesterday, the Department of Energy (DOE) attributed the price hike to several factors, including the ongoing tension between the United States and Iran, which could lead to supply disruptions.

“In addition, the continued supply challenges from Russia, Kazakhstan and Libya, as well as the cold weather in the Northern Hemisphere, are resulting in higher energy demand,” the DOE said.

Jetti president Leo Bellas said prices were elevated amid the European Union’s import ban on refined products from Russia, which threatens to disrupt flows and tighten the physical market.

Amid high domestic pump movements, the DOE has assured the public that it is coordinating with relevant agencies to ensure prices remain fair, reasonable and compliant with the law.