Oil price hike of up to P1.20/liter set today

MANILA, Philippines, February 17 ------ Motorists across the country should brace for another round of fuel price increases of as much as P1.20 per liter today.

In an advisory, Seaoil said the per-liter price of gasoline would climb by P1.20, its sixth straight weeks of hikes. Both diesel and kerosene will also climb by 60 centavos a liter, entering their eighth week of increases. Rodela Romero, assistant director at the Department of Energy (DOE), said late last week that geopolitical tensions may lead to a potential supply disruption. “The strongest factor helping oil prices to move in an upward direction is the geopolitical tensions, particularly in Iran,” the DOE official said. “The risk of supply disruption through the Strait of Hormuz and the uncertainty around Iran nuclear talks added a risk premium,” she added.

The Strait of Hormuz is a crucial route for oil supply coming from the Persian Gulf in the Middle East.

Source: inquirer.net