Fuel firms raised the cost of all petroleum products for the third consecutive week.
Seaoil and Clean Fuel increased per liter prices by P1.30 on gasoline and P0.95 on diesel.
No price adjustments were made on kerosene.
Today’s price movements were mainly a result of the International Energy Agency’s announcement of a possible strong growth in global oil demand this year as well as effects of disruption of US crude output.
As of January 16, Manila price per liter of gasoline (RON95) stood at P65.25, diesel at P60.20 and kerosene at P72.59, Department of Energy (DOE) data showed.
The DOE data also showed year-to-date adjustments as of the same date stood at a total net increase of P0.30 per liter for gasoline and P0.65 per liter for diesel. Kerosene is at a net decrease of P0.40 per liter.
Reuters reported that as of Friday last week, Brent futures settled at $78.56 a barrel while US West Texas Intermediate crude ended at $73.41 per barrel.
Analysts said this week’s price increase was also driven by the escalation of tensions in Gaza as Israeli forces pushed further against Hamas militants.
The US launch of new strikes of anti-ship missiles at the Red Sea against Houthi continues to affect shipping times and prices of fuel, traders added.
This early, experts said global fuel price hikes may continue especially with supply outages continuing in Libya apart from the US.
Reports mentioned that in the US, about 30 percent of oil output in North Dakota, the country’s third largest producing state, remained shut down due to extreme cold and may take a month for production to return to normal levels.
