Another fuel price hike hits motorists

MANILA, Philippines, September 16 ------ Another wave of increases at the pump awaits motorists today, pushing fuel prices to at least four weeks of nonstop hikes. In separate advisories, Jetti, Seaoil, Petron, Caltex and Shell announced upward price movements of P0.50 per liter for diesel and P0.10 per liter for both gasoline and kerosene.

The adjustments mark the fifth straight hike for gasoline and a four-week uptrend for diesel and kerosene. The Department of Energy cited the escalating geopolitical tensions, particularly in the Middle East, as a factor behind rising global oil prices.

Worries over tensions abroad intensified following Israel’s attack on Hamas leaders in Qatar and a Russian drone incursion into Polish airspace. Also exerting upward pressure on prices was the smaller-than-anticipated oil output increase by OPEC+ starting next month, according to Jetti president Leo Bellas.

The group of petroleum-exporting countries intends to produce 137,000 barrels per day in October, way below the previous monthly hikes of over 400,000 bpd. “But oversupply worries and concerns over demand slowing down are putting pressure on prices, which is seen to offset the perceived supply shortage due to a rise in tensions in the Middle East and Ukraine,” Bellas said.

Source: philstar.com