MANILA – Fuel prices will increase by up to PHP1.40 per liter effective Tuesday due to geopolitical issues and supply constraints.
In an advisory Monday, Seaoil said the price of its gasoline will be hiked by PHP0.40 per liter, diesel by PHP1.40 per liter, and kerosene by PHP0.80 per liter, effective 6 a.m.
This is the third consecutive week that gasoline prices will increase and the fourth for diesel and kerosene since the start of the year.
The price upticks are contrary to earlier expectations, given the supply surplus projections in the first quarter of the year.
However, Jetti Petroleum President Leo Bellas earlier said fuel prices remain volatile due to near-term supply issues stemming from production halts in two large oilfields in Kazakhstan, export constraints in the Black Sea, optimism in China's demand, and geopolitical issues in the Middle East. (PNA)