PRICES of petroleum products are up effective Tuesday mainly caused by the effects of geopolitical tensions in the Middle East.
Leo Bellas, Jetti Petroleum Inc. president, said the change of government leadership in Syria “introduced greater uncertainty to the Middle East, driving oil prices up.”
Seaoil and Caltex increased per liter prices of gasoline and diesel by P0.80 as well as of kerosene by P0.10 per liter.
PTT, Clean Fuel and Jetti adjusted prices upward by P0.80 per liter on both gasoline and diesel.
This is the fourth straight week of increase in the price of gasoline or since November 26, bringing cumulative uptick to P3.25 per liter.
Data from the Department of Energy (DOE) as of December 10 showed Manila price per liter of gasoline (RON91) stood at P56, diesel at P52.75 and kerosene at P71.02.
DOE data also showed year-to-date adjustments as of December 5, stood at a total net increase of P11.35 per liter for gasoline and P9.55 per liter for diesel but a net decrease of P1.90 per liter for kerosene.
Bellas said oil prices were also pushed upward with the threat of tightening global crude supplies as the European Union agreed to impose further sanctions on Russia.
“Prices also found support on China’s vow to ramp up policy stimulus as this could boost demand. Asian diesel and gasoline prices found support from the limited exports from China and South Korea to the region, but gains are capped as the supply gap is partly offset by swing supplies from India,” Bellas added.
