Gas, diesel prices up by P1.20/L today

MANILA, Philippines, November 18 ------ Major oil companies are set to hike gasoline and diesel prices by P1.20 per liter today, triggered by tightening supply and growing regional demand. The adjustment, implemented by Jetti, Petron, Seaoil, Caltex and PTT Philippines, marks the seventh straight week of increase for gasoline and the fourth for diesel.

A price freeze, meanwhile, continues to be in effect for kerosene following the declaration of a national state of calamity due to recent tropical cyclones. Jetti president Leo Bellas said fuel prices have increased as supply tightens and demand remains firm. “Further upside to prices is expected to be capped as supply tightness is seen to gradually ease with refineries returning from the seasonal turnaround,” Bellas noted.

Also exerting upward pressure on prices were the latest Western sanctions on Russian oil over the country’s ongoing invasion of Ukraine, according to the Department of Energy. With this week’s adjustments, the year-to-date net increases for gasoline and diesel now stand at P19.70 and P24.05 per liter, respectively.

Source: philstar.com