Fuel price spikes continue, diesel up by half a peso
Pump attendants serve motorists in a gasoline station along Commonwealth Avenue in Quezon City on Friday, June 20.
Motorists will need to dig for more pocket change as oil prices are set to increase once more this week.
Starting Tuesday, Sept. 16, gasoline prices will inch up by ₱0.10 per liter, while diesel will rise by ₱0.50 per liter.
Kerosene will also go up by ₱0.10 per liter.
This marks the fourth-consecutive week of fuel price increases.
Seaoil, Shell Pilipinas, Cleanfuel, Caltex, and Petro Gazz are among the few oil companies that have announced these movements.
Fuel prices continue to escalate due to geopolitical factors, particularly as the conflict between Ukraine and Russia persists. Following Ukraine’s recent retaliation on Russian energy facilities, analysts are concerned about possible supply disruptions from Russia that could trigger another round of price spikes, according to a Reuters report on Monday, Sept. 15.
Last week, the Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) attributed this four-week price-hike streak to the recent attacks by Israel on Qatar and the Russian attacks on Polish airspace.
DOE-OIMB noted, however, that the United States (US) is looking for new trade opportunities amid growing international tides.
Oil-producing nations are also raising their output, but at a slower rate.
Last week, the DOE assured its proactive surveillance of global oil price movements, saying that it is continuously engaging with industry stakeholders to discuss ways to offset the effects on consumers.