Diesel prices up by P1.40, gas by P1

MANILA, Philippines, September 9 ------ Fuel prices are set to climb by as much as P1.40 per liter today, marking the fourth straight hike for gasoline and a three-week uptrend for diesel and kerosene. In separate advisories, Petron, Jetti, Seaoil, Shell, Caltex, Petro Gazz, PTT Philippines and Cleanfuel announced increases of P1, P1.40 and P0.70 per liter for gasoline, diesel and kerosene prices, respectively.

The Department of Energy (DOE) attributed this week’s adjustments to the recent developments in the global oil market, which pushed benchmark prices in Dubai and Mean of Platts Singapore. “Global market dynamics continue to exert upward pressure on petroleum prices,” the DOE said, adding that OPEC+’s limited increase in production “constrained supply and tightened markets.”

This followed the group’s recent announcement of a production output of just 137,000 barrels per day starting in October, way lower than the previous monthly hikes of over 400,000 bpd. Among other factors for the hike were the renewed escalation of the Russia-Ukraine war and the US sanctions on illegal Iranian oil shipments, the DOE said.

Given these developments, the DOE said it was closely monitoring the global oil price movements and engaging industry stakeholders to mitigate the impact on motorists. Last week, oil firms hiked prices of diesel by P1 per liter and gasoline and kerosene by P0.70 per liter.

Source: philstar.com