Due to trade tensions on demand, oil firms raised fuel prices by up to P1.30 per liter.
For the period April 22 to 28, major oil firms such as Shell, Caltex, and Seaoil have announced increases of P1.35 per liter for gasoline, P1.30 per liter for diesel, and P1.10 per liter for kerosene.
Other companies, including Petro Gazz, Cleanfuel, PTT Philippines, and Jetti, will implement similar hikes but will not adjust kerosene prices as they do not sell the product.
According to Jetti Petroleum president Leo Bellas and the Department of Energy (DOE), the price surge is linked to narrowed global supply, partly due to new U.S. sanctions on Iran.
“While the heightened global economic uncertainties due to trade tensions continue to weigh on demand, prices have rallied on concerns about global supplies following US pressure on Iran over its nuclear program, and after the United States imposed new sanctions to curb Iranian oil exports,” Bellas said.
With these latest adjustments, the total net increase for gasoline and diesel since the start of the year now stands at P2.30/L and P2.85/L respectively, while kerosene prices have seen a net decrease of P0.30 per liter. (TCSP)
