Oil firms implement another hike in prices

Oil firms implement another hike in prices

MANILA, Philippines — Local oil companies implemented another round of fuel price increases on Tuesday, marking the fifth consecutive week of mostly upward adjustments since mid-March.

In separate advisories, the oil companies announced hikes per liter in the prices of gasoline (40 centavos), diesel (95 centavos) and kerosene (85 centavos).

Jetti Petroleum, Petro Gazz, PTT Philippines, Seaoil and Shell Pilipinas implemented the higher prices at 6 a.m., followed by Caltex at 6:01 a.m. Cleanfuel was the last to apply the upward adjustment at 4:01 p.m.

READ: Fuel prices up by P1.10 to P1.55 per liter effective April 9

Rino Abad, director of the Department of Energy’s (DOE) Oil Industry Management Bureau, said that although global prices had “not spiked up so high,” these were “consistently increasing” and averaging at $90 a barrel due to various geopolitical events.

These included the decision of the Organization of the Petroleum Exporting Countries and allies to extend oil output cuts until the second quarter or mid-2024 and the intensified geopolitical concerns in the Gaza Strip as Israel’s airstrikes killed three sons of a Hamas leader.

Supply steady

“There is no actual disturbance in the supply,” Abad said.

This week’s price hikes, however, are lower than last week’s when gasoline rose by P1.10 per liter, diesel by P1.55 per liter and kerosene by P1.40 per liter.

Year-to-date adjustment of gasoline stood at a net increase of P9.70 per liter. For diesel, the aggregate increase reached P7 a liter and kerosene at P2.25 per liter.

Before the increases, the prices of petroleum products per liter ranged from P53.52 to P87.77 as of April 9 to April 15, based on the DOE’s price monitoring.

Gasoline ranged from P57.85 to P87.77 per liter; diesel from P53.52 to P81.85 per liter and kerosene from P73.44 to P85.19 per liter in the previous week.