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November 26, 2024 | 12:00am
MANILA, Philippines — Motorists should brace for yet another spike at the pump as fuel prices are set to increase by as much as P1.15 per liter today.
In separate advisories, Shell, Caltex and Seaoil announced upward adjustments of P1.15 per liter for gasoline, P1.10 per liter for diesel and P0.80 per liter for kerosene.
PetroGazz, Cleanfuel, PTT Philippines and Jetti would implement the same price movements, except for kerosene, which they do not offer.
The price hike, according to the Department of Energy, was due to escalating tensions between Russia and Ukraine after they launched missiles at each other.
If tensions further rise, it is likely to trigger major disruptions in global oil supplies.
Russia was the third largest oil producer in the world in 2023 and accounted for 11 percent of the total global oil production, data from the US Energy Information Administration showed.
Meanwhile, concerns of an oversupplied market in the coming months also exerted upward pressure on domestic pumps.
These latest adjustments bring the year-to-date net increase for gasoline and diesel to P10.45 and P9.75 per liter, respectively.
Kerosene, on the other hand, has decreased by P1.50 per liter since January.
Last week, oil companies implemented a rollback of P0.85, P0.75 and P0.90 per liter for gasoline, diesel and kerosene, respectively.