Local fuel retailers increased pump prices for the third consecutive week.
Shell, Seaoil and Caltex increased per liter prices by P0.95 on gasoline, P0.65 on diesel and P0.35 on kerosene.
Clean Fuel and Jetti adjusted per liter prices upward by P0.95 on gasoline and P0.65 on diesel.
Today’s fuel price movements were influenced by the market’s worries on global crude supply disruptions driven by geopolitical tensions in the Middle East and Europe.
Data from the Department of Energy (DOE) as of June 18 showed Manila price per liter of gasoline (RON91) stood at P62.55, diesel at P59.30 and kerosene at P73.88.
DOE data also showed year-to-date adjustments as of the same date stood at a total net increase of P6.90 per liter for gasoline, P6 per liter for diesel and P0.35 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude futures for August settlement ended at $86.41 a barrel as US West Texas Intermediate crude futures closed at $81.54 per barrel.
The report said cross-border strains between Israel and Lebanon’s Hezbollah is escalating, raising fears a widening war could lead to the involvement of other countries including major oil producer Iran.
Turkish President Tayyip Erdogan said his country stands in solidarity with Lebanon as he called on other nations to show similar support.
The report also said Russia is considering a “possible downgrade of relations” with Western nations due to the deeper involvement of the US and its allies in the Ukraine war.
