Philippine fuel prices rise P0.50-P0.70 per liter amid global tensions
Domestic pump prices in the Philippines increased today due to fears of supply disruption amid rising global oil demand.
Independent oil firms including Petron, Seaoil, Jetti, Shell, Caltex, Petro Gazz, PTT Philippines, and Cleanfuel announced a P0.70 per liter increase for gasoline.
Diesel prices are set to rise by P0.50 per liter while kerosene will see an increase of P0.30 per liter.
The Department of Energy cited declining US oil stocks and growing refinery demand as factors contributing to the price hike, alongside conflicts between Israel and Iran.
Jetti president Leo Bellas noted that ongoing tensions in Ukraine and Russia also added upward pressure on oil prices due to heightened sanctions and tariffs imposed by Western countries.
Freight and premium levels remain elevated because of persistent geopolitical risks and supply concerns.
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