External pressures push up fuel prices

Amid the lingering effects of geopolitical tensions among major oil producers and the volatility in the global market, a fifth round of fuel price increases take effect this week.

In separate advisories on Monday, local oil companies announced that diesel prices logged the heftiest increase of P1.50 per liter, followed by kerosene, which increased by 80 centavos.

Gasoline prices, on the other hand, went up by 75 centavos per liter. The price adjustments are effective this morning.

Diesel spikes highest

Last week, gasoline had the heftiest price increase at P2.80 per liter, followed by a diesel price hike of P1.30 per liter. The per liter cost of kerosene inched up by 45 centavos.

Data from the Department of Energy Oil Industry Management Bureau showed that from the start of the year until 30 January, the net adjustment of both gasoline and diesel stood at P4.40 per liter and P2.90 per liter, respectively.

Kerosene, on the other hand, logged a net reduction for the year of 5 cents per liter.

Oil companies announce price adjustments every Monday to be implemented on the following day’s morning.

The Philippines, as a net importer of oil, has no control of the global price movement.