Fuel prices will increase for the third consecutive week by up to PHP1 per liter starting September 2.
In separate advisories on Monday, Seaoil and Jetti Petroleum announced a PHP0.70 per liter hike in gasoline prices and a PHP1 per liter increase in diesel effective 6 a.m. Caltex will implement the same adjustments starting 6:01 a.m. Tuesday.
Seaoil and Caltex will also raise kerosene prices by PHP0.70 per liter.
“The adjustments reflect the movement on prices of refined fuel products, freight and market premiums in the international market,” Jetti Petroleum said.
Last week, fuel prices went up by PHP0.30 to PHP0.70 per liter. The latest increase is partly due to supply issues caused by the ongoing Russia-Ukraine war and U.S. sanctions on Russia.
Jetti Petroleum president Leo Bellas explained that other factors also contributed to the hike, citing “demand optimism (that) further supported prices following signals from (the) US Federal Reserve of possible interest rate cut, and large drawdown in US crude and fuel inventories.”
