Fuel prices to climb anew as September begins

MANILA, Philippines, September 2 ------ Commuters and motorists will feel another pinch at the pump as fuel prices climb for the second week in a row. Oil firms will impose a fuel price hike of P0.70 per liter on gasoline, P1 per liter on diesel, and P0.70 per liter on kerosene. This marks the third straight week of increases for gasoline, while second for diesel and kerosene.

Shell Pilipinas, Caltex, PetroGazz, Seaoil and CleanFuel announced the upward price adjustments on Monday, September 1, in separate advisories. The Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) said fuel prices rose due to the continued drop in US oil inventories and tariffs imposed on India.

In recent weeks, fuel price movements have also hinged on developments surrounding a potential ceasefire or peace deal between Russia and Ukraine. Bigger picture: US President Donald Trump earlier sought to broker a ceasefire by threatening Russia with another round of tariffs but later agreed with Russian President Vladimir Putin to pursue a peace agreement instead.

US Secretary of State Marco Rubio, however, said both Russia and Ukraine would need to make concessions, adding that a peace deal remains “a long way off.” Despite Trump’s attempt to intervene, geopolitical tensions have continued to escalate, with Russia launching drone attacks on energy and power infrastructure in southern Ukraine and Ukraine vowing to retaliate.

Source: philstar.com