Fuel prices are up for the ninth consecutive week, bringing cumulative per liter increases to P9.85 for gasoline, P14.05 for diesel and P13.45 for kerosene.
For this week, Seaoil increased per liter prices by P0.20 on gasoline and on kerosene and by P0.40 on diesel.
Clean Fuel, Jetti, PTT and Phoenix Petroleum raised prices by P0.20 on gasoline and by P0.40 on diesel.
Today’s adjustments were mainly due to the perceived tightness in supply after Saudi Arabia and Russia decided to extend supply production cuts last week.
Data from the Department of Energy (DOE) as of September 5 showed Manila price per liter of gasoline (RON95) stood at P75.20, diesel at P65.90 and kerosene at P81.16.
DOE data also showed year-to-date adjustments as of the same period stood at a total net increase of P15.30 per liter for gasoline, P10.70 per liter for diesel and P7.74 per liter for kerosene.
Reuters reported that as of Friday last week, Brent futures settled at $90.65 a barrel while US West Texas Intermediate crude ended at $87.51 per barrel.
The report added the global crude market may remain tight until the end of the year as the Organization of the Petroleum Exporting Countries and its allies are not likely to end production cuts anytime soon.
Analysts said so far, the only factors holding back oil prices from increasing even more are the slow fuel demand outlook in China and the speculations on whether or not central banks in the US and in Europe will keep hiking interest rates to fight inflation.
Interest rate hikes could slow economic growth and reduce oil demand.
Meanwhile, the Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) has appealed for fuel support from the government, noting that 80 percent of the fishing production cost goes to fuel expenses.
Fernando Hicap, Pamalakaya national chairperson, said with high fuel costs reducing their income, fishermen have cut the number of fishing hours and fishing trips.
“We also have expenses for the maintenance of boats and fishing gears and food. With very high cost of production, fishers no longer earn and are oftentimes become indebted with high interest rates,” Hicap added. -Jed Macapagal
