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Friday, May 31, 2024

Fears of wider Middle East troubles fuel higher prices

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Local oil firms hiked pump prices by as much as P1.55 per liter effective 6 a.m. Tuesday to reflect the movement of prices in the world oil market last week.

The oil firms raised diesel prices by P1.55 per liter, kerosene by P1.40 per liter, and  gasoline by P1.10 per liter, driven by several global factors.

Seaoil Philippines, Jetti Petroleum, and Chevron Philippines issued separate advisories of their price hikes.

Department of Energy Director for the Oil Industry Management Bureau Rodela Romero attributed the upward movement in prices to fears of a wider conflict in the Middle East especially the Israel-Hamas, which might spread to include Iran.

Other factors include the Ukraine attack on Russia’s oil refineries; the Organization of the Petroleum Exporting Countries’ decision to continue its production cut policy; and signs of stronger economic growth in the US and India, Romero said.

The latest DOE monitoring showed that gasoline prices range from P57.40 to P86.67 per liter, diesel from P53.15 to P80.30 per liter, and kerosene from P72.04 to P83.79 per liter in the National Capital Region.

On April 2, the oil firms announced a mixed movement, with gasoline prices going up by P0.45 per liter while diesel and kerosene prices going down by P0.60 per liter and P1.05 per liter, respectively.


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