Consumers are facing higher pump prices of P0.95 per liter for diesel, P0.60 per liter for gasoline and P0.30 per liter for kerosene effective 6am Tuesday amid continued geopolitical tensions.
Seaoil Philippines, Cleanfuel and Caltex issued separate advisories of the latest oil price hike.
Department of Energy Oil Industry Management Bureau (OIMB) director Rodela Romero said last week the higher oil prices can be attributed to “persistent geopolitical tensions” such as the conflict between Russia and Ukraine; and US and Iran nuclear deal; supply concerns with production in Canada disrupted by the wildfires; and state of US crude oil inventories after a larger-than-anticipated drawdown.
Jetti Petroleum president Leo Bellas said last week the “considerable rebound on oil prices this week is primarily driven by supply worries due to geopolitical concerns.”
“Firmer demand for gasoline and diesel, with the start of the summer driving season in northern hemisphere countries, and lower regional supply, due to ongoing refinery maintenance and persistently low outflows from China, have further supported prices,” Bellas said.
On June 3, the oil firms increased the price of gasoline and diesel by P0.40 and P0.30 per liter, respectively but cut the price of kerosene by P0.10 per liter.
Prevailing retail prices of petroleum products for the week of May 27 to June 2 in the National Capital Region showed that gasoline sells from P44 to P71.23 per liter, diesel from P44 to P66.27 per liter and kerosene from P67.49 to P82.54 per liter.