Metro Manila, Philippines – Motorists will have to face another round of price increases in fuel products this week, with gasoline having more than P1 per liter hike starting Tuesday, Feb. 17.
In separate announcements on Monday, Feb. 16, Cleanfuel and Seaoil said gasoline costs will rise by P1.20 per liter, while P0.60 per liter for diesel.
Seaoil said kerosene will go up by P0.60 per liter this week.
This is the sixth straight week of surge for gasoline prices, while the eighth week for diesel and kerosene.
The Department of Energy (DOE) earlier said the “strongest factor” for this week’s “cautious but slightly rising crude prices” is geopolitical tensions, particularly in Iran.
“The risk of supply disruption through the Strait of Hormuz and the uncertainty around Iran nuclear talks added a risk premium,” the DOE said.
“Likewise, there was a report suggesting that [the] US may intercept vessels/tankers carrying Iranian crude, adding to supply concern,” it said.
The agency reported that as of Feb. 3, the year-to-date net increase for gasoline is at P2.40 per liter, P5.40 per liter for diesel, and P3.80 per liter for kerosene.
