Diesel up by P1.40, continues five-week price hike

MANILA, Philippines, January 27 ------ Another round of fuel price increases awaits motorists this week, with pump prices set to rise by as much as P1.40 per liter starting today.

This week marks the third consecutive fuel price hike of the year, with gasoline up by P0.40 per liter, kerosene by P0.80, and diesel by P1.40. Diesel, however, has been rising since late December, making this its fifth straight week of increases.

Shell Pilipinas, CleanFuel, Caltex and Seaoil announced the upward price adjustments on Monday, January 26. Jetti Petroleum President Leo Bellas said this week's fuel price hike reflects market worries over Black Sea export bottlenecks, reduced short-term supply from Kazakhstan after two oil fields temporarily stopped production, and growing demand fueled by optimistic projections for China's economic expansion.

He added that the drop in temperatures across the United States and Europe has also contributed to a spike in demand for fuel. Oil prices, however, have remained volatile due to global geopolitical tensions, from the US asserting control over Venezuelan oil and its sanctions on nine Iranian oil-carrying vessels and eight related firms amid political unrest in Iran.

Last week saw a larger fuel price increase, with gasoline up P1 per liter, diesel by P2, and kerosene by P1.50, driven by escalating tensions in Iran, one of the world’s largest oil producers. Based on the Department of Energy’s monitoring, fuel prices at Metro Manila stations for the week of January 20 to 26 were:

- Gasoline (RON97/100): P52.90 to P73.43

- Gasoline (RON95): P50 to P74.69

- Gasoline (RON91): P49.10 to P66.19

- Diesel: P47.66 to P64.25

- Diesel Plus: P54.50 to P74.30

- Kerosene: P73.70 to P94.59

This week’s fuel price hike brings the cumulative increase to P1.60 per liter for gasoline, P3.80 for diesel, and P2.70 for kerosene.

Source: philstar.com