Fuel prices up again for fourth straight week
Oil companies are raising their prices for the fourth straight week, effective on Tuesday, Sept. 16.
In separate advisories on Monday, Jetti Petroleum, Seaoil, PetroGazz and CleanFuel said that the price of diesel per liter would move up by 50 centavos.
As for gasoline and kerosene, their prices would increase by 10 centavos a liter.
This is the fifth weekly consecutive hike in the price of gasoline. The prices of diesel and kerosene, on the other hand, have been going up for four consecutive weeks.
Factors
Industry sources cited late last week rising geopolitical tensions, such as the persistent conflict in the Middle East and the looming fresh sanctions against Russia, as among the factors affecting global oil prices.
“Mounting geopolitical tensions after Israel attacked the Hamas leadership in Qatar and Poland’s downing of Russian drones over its airspace have caused oil prices to rise but gave up most of the gains as there was no immediate threat of oil supply disruption,” Jetti Petroleum president Leo Bellas said.
Another development affecting price movements was the decision of the Organization of the Petroleum Exporting Countries and allies led by Russia to hike oil production, although lower than expected.
Last week’s fuel price increases per liter were P1.40 for diesel, P1 for gasoline and 70 centavos for kerosene.
