Gas prices up for second straight week

MANILA, Philippines, August 26 ------ Fears of supply disruption amid rising global oil demand have pushed domestic pump prices higher today. In separate advisories, independent oil firms Petron, Seaoil, Jetti, Shell, Caltex, Petro Gazz, PTT Philippines and Cleanfuel announced a hike of P0.70 per liter for gasoline. Similarly, diesel and kerosene prices are poised to climb by P0.50 and P0.30 per liter, respectively.

The latest adjustment followed a decline in US oil stocks amid the continued growth in refinery demand, according to the Department of Energy. The DOE also pointed to the ongoing conflict between Israel and Iran, which continues to spark uncertainty and volatility in the global market. Aside from these factors, Jetti president Leo Bellas said the uncertainty over the Ukraine-Russia peace talks also exerted upward pressure on oil prices.

Heightened Western and US sanctions on Russia, combined with the imposition of tariffs on Russian oil buyers, could potentially disrupt supply flows, Bellas said. “Furthermore, freight and premium levels have remained elevated due to lingering geopolitical risks and concerns,” he added.

Source: philstar.com