Prices are up for the eighth straight week on fears of potential global supply disruption resulting from the territorial tensions between Russia and Ukraine.
The Department of Energy (DOE) said as of February 17, the average Manila price per liter of gasoline (RON95) stood at P66.35, diesel at P59.27 and kerosene at P60.69.
Data from Trading Economics showed the last time gasoline prices in the Philippines hovered around the current rates was in June 2013 when a string of oil price hikes was also implemented.
Caltex and Seaoil increased per liter prices by P0.80 of gasoline, P0.65 of diesel and P0.45 of kerosene.
Clean Fuel and PTT hiked per liter prices of gasoline by P0.80 and diesel by P0.65.
The DOE said as of February 15, year-to-date adjustments of petroleum products stood at a net increase of P7.95 per liter for gasoline, P10.20 per liter for diesel and P9.10 per liter for kerosene.
Reuters reported that as of Friday, Brent crude futures settled at $93.54 a barrel while US West Texas Intermediate crude ended at $91.07 per barrel.
The report said traders continue to fear possible supply disruptions because of the Russian military presence at Ukraine’s borders despite threats from western nations of sanctions if Russia pursues its alleged planned invasion.
However, the European Union said any sanctions that may be imposed on Russia should not include energy imports.
Analysts said prices have been tempered by the expected development in the talks between the United States and Iran on the possible revival of the 2015 nuclear agreement which would allow the latter’s crude production to be sold again in the world market without any restrictions.
