Motorists in the Philippines are bracing for an increase in fuel prices today, with Shell, Caltex, Seaoil, PetroGazz, Cleanfuel, and Jetti all announcing price hikes. Gasoline will go up by P0.95 per liter, diesel by P0.65 per liter, and kerosene by P0.35 per liter.
This marks the third consecutive week of price increases, bringing year-to-date net increases to P9.25 for gasoline, P8.40 for diesel, and P1.75 for kerosene. The Department of Energy attributed the rise in prices to ongoing geopolitical tensions affecting global supply, as well as restrictions in OPEC’s production and increased demand during the peak summer season.
Last week, oil companies raised pump prices by P1.40 per liter for gasoline, P1.75 per liter for diesel, and P1.05 per liter for kerosene. The recent trend of price hikes is expected to continue as concerns over global supply persist.
