The Daily Tribune
Oil volatility pushes pump prices higher
Gasoline and diesel prices are set to increase for the third consecutive week starting Tuesday.
Seaoil announced a PHP0.70 per liter increase for gasoline and kerosene, and a PHP1 per liter increase for diesel.
The price hikes are attributed to a sharper-than-expected decline in US oil and fuel inventories, and potential spillover effects of new US tariffs on India.
Demand optimism, following signals from the US Federal Reserve of possible interest rate cuts, also supports the price increase.
Traders are closely watching US-Ukraine-Russia diplomatic moves, and fears of further supply disruptions after Russian and Ukrainian strikes on energy facilities contribute to oil price volatility.
However, weaker US demand as the summer driving season ends and an OPEC+ output hike in September could slow the rally.
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Motorists in the Philippines can anticipate another fuel price hike next week, potentially the third consecutive week for gasoline, diesel, and kerosene.
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Motorists will face another fuel price increase starting Tuesday, September 9, with gasoline up by P1 per liter, diesel by P1.40 per liter, and kerosene by 70 centavos per liter.
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