Fuel prices increase by up to P5 a liter today

MANILA – Domestic pump prices are set to increase by over P5 per liter this week amid geopolitical uncertainties in the Middle East.

Three oil companies announced price hikes effective 6 a.m. Tuesday, led by Seaoil and Petron Corporation raising kerosene byP5 and P5.01 per liter, respectively.

For diesel, Jetti Petroleum will implement a PHP3.80 per liter increase, while Seaoil and Petron will raise prices by PHP3.84 and PHP3.90, respectively.

Gasoline adjustments range from PHP2.40 at Jetti, PHP2.49 at Seaoil, and PHP2.50 at Petron.

This week's oil price jump is a reversal of the rollback in the past two weeks.

In an online briefing Monday, Energy Secretary Sharon Garin attributed the uptick in domestic fuel prices to the upward trend of oil products in the international market.

“We understand that this is not the news Filipinos would like to hear, and this is a reflection of the volatility of the global oil crisis,” she said.

Garin said peace talks between the United States and Iran have “slowed, bringing uncertainty to the international oil market, specifically the Mean of Platts Singapore (MOPS) and elevated foreign exchange rates.”

MOPS is the benchmark of oil prices in Asia.

Garin said that while the domestic supply relies mainly on imported fuel, this can be changed by planning ahead and reducing the country’s reliance on imported oil.

“That work is already moving forward. We continue to diversify our sources of fuel so that the country is not overly dependent on any single market. At the same time, we are developing more of our own indigenous and renewable energy resources,” she added.

Garin said 13 renewable energy contracts were recently awarded, with more expected in the coming months, to allow more companies to explore oil, gas and natural hydrogen.

“The Philippine Strategic Petroleum Reserve is part of that long-term plan. We are moving this forward to provide the country with a government-held emergency fuel buffer that can be called upon when major international supply disruptions threaten our energy security,” she said.

Garin further said the government’s subsidy to qualified public utility vehicle drivers continues, allowing beneficiaries to get a PHP12 per liter discount, for a maximum of 150 liters per week. (PNA)