Oil supply risks drive fuel hike

Filipino motorists will face another round of steep fuel price increases this week, with gasoline rising by as much as P5.68 per liter as worsening supply risks in the Middle East continue to drive up global oil and petroleum product prices.

The Department of Energy said Monday the maximum allowable increase this week starting Tuesday morning is P5.68 per liter for gasoline, P4.31 per liter for diesel and Diesel Plus, and P4.62 per liter for kerosene.

Household, transport budget squeeze

The adjustment will further squeeze household and transport budgets, with a motorist filling a 40-liter gasoline tank spending about P227 more. A 50-liter diesel fill-up will cost roughly P216 more.

The increases could also push more pump prices above the P100-per-liter mark in Metro Manila.

Based on last week’s prevailing retail prices and the latest adjustment, RON 97/100 gasoline is estimated to range from P81.27 to P107.28 per liter, while RON 95 could cost P76.79 to P102.08 and RON 91 P76.29 to P97.68.

Regular diesel could climb to P74.39 to P103.71 per liter, while Diesel Plus could reach P91.80 to P111.31. Kerosene could rise to P105.52 to P140.74 per liter.

Jetti Petroleum Inc. president Leo Bellas over the weekend attributed the continued surge in international prices to mounting threats to energy supplies and transportation routes.

“Oil prices and product prices surged further following escalation in shipping and energy infrastructure attacks, threatening to worsen the already-disrupted oil flows from the Middle East,” Bellas said.

The latest adjustment means consumers will continue to bear the impact of disruptions in the international oil market, as the Philippines relies heavily on imported crude oil and finished petroleum products.