The country’s oil firms will raise pump prices by as much as P1 per liter effective 6 a.m. Tuesday to reflect movements in international oil markets.
The oil firms implemented an increase of P1 per liter for gasoline and kerosene respectively, and P0.80 per liter for diesel.
“The adjustments reflect the movement in prices of refined fuel products, freight and market premiums in the international market,” Jetti Petroleum said in its advisory.
Seaoil Philippines, Cleanfuel and PTT Philippines issued separate advisories of the oil price increase, while other oil firms are expected to follow.
This would mark the sixth consecutive weekly price increase for gasoline and the fifth for diesel.
Jetti Petroleum President Leo Bellas said crude oil and refined fuel product prices have strengthened this week due to concerns that Russian supplies could be disrupted by the ongoing Russia-Ukraine war.
Bellas noted that intensified attacks by Ukraine on Russian ports and refineries have already affected supplies, and rising concerns of a broader escalation in the Middle East are also supporting prices.
For diesel, he added, strong demand in Northern Hemisphere countries ahead of the autumn season and damage to Russian refining and export facilities have tightened the supply outlook.
While gasoline demand indicators continue to weaken, operational issues at major refineries have affected trade flows. Upcoming refinery shutdowns are also expected to tighten supply.
However, Bellas added that demand worries from signs of a slowing U.S. economy are pressuring prices and offsetting supply concerns. A larger-than-expected rise in U.S. distillate stockpiles has also raised concerns about demand in the world’s top oil consumer.
Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau, said continued geopolitical risks from additional U.S. sanctions on Russian oil, discussions in the EU on a 19th Russian sanctions package, and Ukraine’s extensive drone strikes on 361 Russian energy sites pushed up oil prices.
On Sept. 16, the oil firms also raised gasoline and kerosene prices by P0.10 per liter and diesel by P0.50 per liter.
