Local fuel retailers imposed an across-the-board increase in prices of petroleum products for the second successive week, starting today
An independent oil player said the adjustments are driven by supply disruptions caused by an attack on Russian oil infrastructure, which raised prices.
Caltex, Shell and Seaoil increased the prices per liter of gasoline by P0.70, diesel by P0.40 and kerosene by P0.20 per liter.
Meanwhile, Clean Fuel is imposing similar price adjustments for gasoline and diesel. The fuel retailer does not sell kerosene, since its primary focus is on selling liquefied petroleum gas (LPG) — considered as a cleaner alternative to kerosene for household cooking and heating purposes.
Data from the Department of Energy as of February 18 showed Manila’s current prices per liter of gasoline (RON91) at P61.15, diesel at P57.25, and kerosene at P73.67.
The same data showed a total net increase of P4.05 per liter of gasoline, P4.35 of diesel, and P2.70 of kerosene year-to-date.
Leo Bellas, Jetti Petroleum Inc. president, told reporters the price hikes were also supported by concerns about Indian diesel supplies pivoting away from Asia despite assurances that stockpiles in the region remain ample with the upcoming refinery turnaround season.
“Concerns of tight gasoline supply in the region due to lower outflows from Asia’s largest suppliers and expectations of an increase in demand over the Ramadan season buoyed prices,” Bellas said.
Rodela Romero, DOE’s Oil Industry Management Bureau director, said other factors that influenced this week’s fuel prices include the Organization of the Petroleum Exporting Countries (OPEC) and its allies trying to decide if they should delay the plan to increase oil output scheduled to begin next April.
She added that the Group of Seven countries comprising the United States, Great Britain, Canada, France, Germany, Italy and Japan will push through with the proposal to tighten the oil price cap on Russia and pressure Moscow to negotiate a peace agreement with Ukraine. This helped drive the cost of fuel higher.
