Diesel prices up by over P1 per liter

MANILA, Philippines, July 15 ------ A weaker supply outlook and stronger demand are driving fuel prices higher today, with diesel going up by over P1 per liter. In separate advisories, Shell and Seaoil announced price hikes of P0.70, P1.40 and P0.80 per liter for gasoline, diesel and kerosene, respectively.

Jetti, Petro Gazz, Cleanfuel and PTT Philippines will implement the same adjustments, except for kerosene, which they do not offer. Caltex, meanwhile, is set to apply per-liter price increases of P0.35 for gasoline, P0.70 for diesel and P0.50 for kerosene.

The Department of Energy attributed the adjustments to a potential decline in oil production and strong gasoline demand data in the United States. Another factor cited was the renewed attacks by Houthi rebels on shipping vessels in the Red Sea. “Prices of crude oil and refined fuel products have increased (last week) on signs of strong demand, which more than offset the impact of the additional supply following OPEC+’s decision to further unwind production cuts in August,” Jetti president Leo Bellas said. “However, the bearish outlook on oil demand due to the potential adverse impact of US tariffs on global economic growth has weighed on prices,” he added.

Last week, gasoline, diesel and kerosene prices increased by P0.70, P0.10 and P0.80 per liter, respectively.

Source: philstar.com