Pump prices rise by up to P1.90/liter

MANILA, Philippines, August 5 ------ Motorists should brace for another spike at the pump today, marking four straight weeks of hikes for diesel and kerosene prices. In separate advisories, Shell and Seaoil announced price increases of P1.90, P1.20 and P1 per liter for gasoline, diesel and kerosene, respectively.

Jetti, Petro Gazz, Cleanfuel and PTT Philippines would apply the same adjustments, except for kerosene, which they do not offer. Caltex, meanwhile, is set to implement per-liter price hikes of P1.30 for gasoline, P0.90 for diesel and P0.75 for kerosene.

The Department of Energy attributed the adjustments to renewed worries over global supply disruptions, following US President Donald Trump’s sanctions on the Russian and Iranian oil industries. This followed the European Union’s imposition of fresh sanctions on Russia over its war against Ukraine. Also contributing to this week’s hikes was the supply tightening of diesel, along with the bigger than expected decline in US gasoline stocks.

Last week, the per-liter price of diesel and kerosene increased by P0.60 and P0.40, respectively, while that of gasoline went down by P0.10.

Source: philstar.com