Fuel prices have risen again this week, ending a three-week streak of rollbacks as global market factors drive oil costs higher.
In separate advisories issued this morning, fuel retailers confirmed a P1.10 per liter increase in gasoline prices and a P0.40 per liter hike for both diesel and kerosene.
Oil Management Bureau Director Rodela Romero attributed the adjustments to escalating geopolitical tensions, particularly United States (US) military strikes on Yemen’s Houthi rebels, as well as China’s new fiscal stimulus measures and a decline in US fuel inventories.
Separately, Jetti Petroleum President Leo Bellas noted that concerns over oil supply disruptions, driven by renewed hostilities in the Middle East, have pushed global risk premiums higher. Meanwhile, China’s economic policies have further supported prices.
However, Bellas added that oil price gains have been tempered by a strong US dollar, the Federal Reserve’s decision to keep interest rates steady, and ongoing recession fears linked to global trade tensions.
Last week, fuel retailers cut diesel prices by P0.20 per liter and lowered kerosene prices by P0.40 per liter, marking the third consecutive week of rollbacks for these fuels. Gasoline prices, however, remained unchanged.
As of 18 March, official government data showed a total net increase of P2.15 per liter for gasoline and P2.85 per liter for diesel, while kerosene recorded a total net decrease of P0.70 per liter.