Fuel prices up today
Last week, gasoline and kerosene increased by P0.10 per liter and diesel by P0.50 per liter.
Daily TribuneLast week, gasoline and kerosene increased by P0.10 per liter and diesel by P0.50 per liter.
Motorists are in for another costly ride as fuel prices are set to climb again tomorrow morning.
In separate advisories today, fuel retailers confirmed that gasoline and kerosene will rise by P1 per liter, and diesel by P0.80 per liter.
This marks the fifth consecutive week of pump price increases, extending the strain on consumers as global crude markets reel from geopolitical tensions and supply concerns.
Intensifying Russian-Ukraine conflict
Jetti Petroleum Inc. president Leo Bellas said crude and refined product prices have been buoyed by fears that Russian supplies could be disrupted due to the intensifying Russia-Ukraine conflict.
“The intensified attacks by Ukraine on Russia’s ports and refineries have already impacted Russian supplies, and rising concerns of a broader escalation of the tension in the Middle East are also supporting prices,” Bellas said.
Strong demand for diesel
He explained that strong diesel demand in Northern Hemisphere countries ahead of the autumn season, together with damage to Russian refining infrastructures and export facilities, has tightened diesel flows.
“While gasoline demand indicators continue to weaken, operational issues in major refineries have affected gasoline trade flows, and the upcoming refinery turnarounds are expected to tighten supply,” Bellas added.
Still, he noted that signs of a slowing US economy are dampening prices. “A larger-than-expected rise in the US distillate stockpiles raised concern about demand in the world’s top oil consumer,” he said.
Global developments factored
Department of Energy–Oil Industry Management Bureau Director Rodela Romero, on the other hand, noted that several global developments were factored into the latest adjustment.
“Relevant news for this week contributing to the estimated adjustments is the continued geopolitical risks due to additional US sanctions on Russian oil, the EU’s discussion on the 19th Russian sanction package, and Ukraine’s massive drone strikes on 361 Russian energy sites,” Romero said.
Last week, gasoline and kerosene increased by P0.10 per liter and diesel by P0.50 per liter.
Local fuel prices are adjusted weekly to reflect movements in the international oil market, with the Energy Department monitoring global benchmarks and currency fluctuations to guide consumers.