Oil firms will implement a price hike for diesel and kerosene of P0.60 per liter effective 6 a.m. Tuesday, reflecting movements in the global oil market.
Gasoline prices will remain unchanged.
Seaoil Philippines, Jetti Petroleum, and Chevron Philippines issued separate advisories on the latest price movement, citing global political developments and concerns over supply disruptions.
“Oil prices have been supported by geopolitical developments, as tougher U.S. sanctions enforcement on Venezuela and intensified attacks by Ukraine on Russian oil infrastructure have raised the risk of supply disruptions,” Jetti Petroleum president Leo Bellas said last week.
Bellas added that prices were further bolstered by the prospect of stricter sanctions on Russia should Moscow fail to agree to a peace deal with Ukraine.
Department of Energy Oil Industry Management Bureau director Rodela Romero said last week that global oversupply from non-OPEC economies such as the United States, weakening demand as holiday travel winds down, and continued uncertainty surrounding tensions in Venezuela, Ukraine, and Russia influenced global oil price movements.
On Dec. 23, oil firms cut prices across the board, reducing gasoline by P0.80 per liter, diesel by P1.30 per liter, and kerosene by P1.60 per liter.
