Local fuel prices increased today by between P0.10 and P0.80 per liter following last week’s rollback.
An independent oil player said the adjustments were driven by concerns about the availability of crude from Russia and Iran due to trade sanctions imposed by the United States, while geopolitical tensions brewed in the Middle East.
Caltex, Shell, and Seaoil raised their gasoline and diesel prices by P0.80 per liter and kerosene by P0.10.
Jetti, Clean Fuel, and PTT adjusted their prices upward by P0.80 per liter of both gasoline and diesel.
Data from the Department of Energy as of February 11 showed the Manila price per liter of gasoline (RON91) at P60.35, diesel at P56.45, and kerosene at P73.87.
The price adjustments resulted in a total net increase of P3.25 per liter for gasoline, P3.55 for diesel, and P2.60 for kerosene.
Leo Bellas, president of Jetti Petroleum, told reporters the price hikes were also supported by expectations of tightening regional availability due to reduced exports from some of the largest suppliers as well as the upcoming maintenance season of refineries.
Bellas added that the price increases could have been higher if not for the rumored peace deal between Russia and Ukraine.
“Further upside to oil prices [were] capped by expectations that a potential Ukraine-Russia peace deal may ease supply disruptions and concerns that the threats of additional tariffs against US trade partners may reduce economic growth and oil demand. A build-up in the US crude oil inventories also weighed on prices,” Bellas said
