Fuel prices rise PHP1.10 per liter for gasoline, PHP0.40 for diesel

Motorists will face higher fuel costs this week as several companies announced price increases starting Tuesday, following three consecutive weeks of rollbacks.

Chevron Philippines Inc., Caltex, Cleanfuel, PetroGazz, PTT, Seaoil, and Shell are raising gasoline prices by PHP1.10 per liter and diesel prices by PHP0.40 per liter.

Caltex, Seaoil, and Shell will also increase kerosene prices by PHP0.40 per liter, while Cleanfuel excludes kerosine from the adjustment.

The Department of Energy-Oil Industry Management Bureau projects these upward adjustments due to rising tensions in the Middle East and increased consumption following Beijing's fiscal stimulus measures.

Analysts note that while US military strikes could have led to supply transport concerns, potential Russia-Ukraine ceasefire prospects may slow down price increases this week.