Fuel prices up for 2nd straight week this yr

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Fuel retailers are raising fuel prices for a second consecutive week today, citing rising global demand amid China’s growth and worsening geopolitical conditions in Europe and the Gulf Region.

Starting at 6 am Tuesday, gas stations are set to increase their prices per liter of gasoline and kerosene by P0.80 and diesel by P0.90.

“There are worries that Western sanctions could limit supply from Russia and Iran. There are also expectations of more fiscal stimulus that could revitalize China’s economy and drive up demand for oil,” Leo Bellas, Jetti Petroleum Inc. president, said.

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Iran is a member of the Organization of the Petroleum Exporting Countries (OPEC), while Russia and China are non-OPEC oil producers. The three countries are allied nations, with China as the biggest importer of petroleum fuel in the world.

Larger demand from Europe and the United States also helped push fuel prices due to freezing weather, Bellas added.  

Data from the Department of Energy showed the price per liter of gasoline (RON91) in Manila last week stood at P58, diesel at P57.65 and kerosene at P71.95. 

Last year, the Energy department recorded a total net increase of P12.75 per liter for gasoline and P11 for diesel, while kerosene registered a net decrease of P2.70.

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