Oil retailers raised prices of petroleum products for the fourth consecutive week due to fears of possible global supply disruption due to tensions in the Eastern Europe and the Middle East.
According to the Department of Energy (DOE), the latest average Manila price per liter of gasoline (RON95) is at P58.45, diesel at P46.50 and kerosene at P54.34.
Petron, Seaoil and Caltex increased per liter prices by P1.45 of gasoline, P1.90 of diesel and P1.70 of kerosene.
PTT, Clean Fuel and Phoenix Petroleum adjusted per liter prices of gasoline by P1.45 and diesel by P1.90.
The DOE said as of January 11, year-to-date adjustments of petroleum products stood at a total net increase of P2.60 per liter for gasoline, P3.50 per liter for diesel and P2.75 per liter for kerosene.
Reuters reported that as of last Friday , Brent futures settled at $87.89 a barrel while US West Texas Intermediate ended at $85.14 per barrel.
The report said top American and Russian diplomats have not reached major breakthroughs in their talks in Ukraine but have agreed to keep communications open and try to resolve the crisis and avoid further military conflict.
Another major factor seen affecting global crude prices are the struggles faced by the Organization of the Petroleum Exporting Countries alongside Russia and other producers to hit the monthly output increase target of 400,000 barrels per day.
Meanwhile, the Department of Agriculture (DA), said it will implement the fuel discount for farmers and fisherfolk wherein P500 million has been allotted for three months.
In a statement, DA said t the program was provided under the Special Provision No. 20 of the General Appropriations Act for fiscal year 2022.
Agriculture Secretary William Dar said the fuel discount will help reduce the production and transport costs of major farm and fishery products which can subsequently temper market prices for the benefit of both producers and consumers.
“The amount of P500 million appropriated herein shall be used to provide fuel discount to farmers and fisherfolk when the average Dubai crude oil price based on Mean of Platts Singapore for three months reaches or exceeds $80 per barrel,” Dar said.
The DA added the program will be offered to farmer or fisherfolk beneficiary which owns and operates an agricultural and fishery machinery individually or through a farmer organization, cooperative or association. – Jed Macapagal
