Oil prices are up for the third consecutive week amid escalating tensions in the Middle East.
Seaoil and Caltex increased per liter prices by P1.20 on diesel and P0.70 on kerosene.
Clean Fuel and Jetti raised prices by P1.20 per liter of diesel.
No price movements were implemented for gasoline products.
Today’s fuel price movements were mainly caused by the emerging threat of a region-wide war in the Middle East.
Data from the Department of Energy (DOE) as of September 25 showed Manila price per liter of gasoline (RON91) stood at P54.52, diesel at P52.20 and kerosene at P67.60.
DOE data also showed year-to-date adjustments as of the same date stood at a total net increase of P6.40 per liter for gasoline, P2.85 per liter for diesel but a net decrease of P6.05 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude futures settled at $78.05 per barrel while US West Texas Intermediate crude futures ended at $74.38 a barrel.
The report said this week’s price increase is driven by negative sentiments due to the ongoing feud between Iran and Israel. Analysts warned of a possible broader war in the Middle East.
Analysts added low levels of global oil inventories suggest prices are set to be elevated until the conflict is resolved.
The report cited data from ship-tracking service Kpler, noting that current inventories are below last year’s levels when brent was trading at $92 and at 4.4 billion barrels are the lowest on record.
