Fuel prices up today

MANILA, Philippines — Pump prices are up again today amid tighter supply in the international market as Hurricane Harvey shut down major refineries in the United States.

This is the ninth straight week that oil companies increased gasoline prices and the third consecutive week for diesel and kerosene prices.

Gasoline and diesel prices were raised by P0.40 per liter and kerosene prices by P0.50 per liter.

Pilipinas Shell Petroleum Corp. and SeaOil Philippines Inc. implemented the prices increases starting 6 a.m.

In a separate advisory, Flying V said it made the same price adjustments starting 12:01 a.m. while those of UniOil Petroleum Philippines Inc. took effect at 6:01 a.m.

Meanwhile, Eastern Petroleum Corp., Phoenix Petroleum Philippines Inc. and PTT Philippines Corp. announced the same price adjustments on gasoline and diesel products at 6 a.m.

Department of Energy-Oil Industry Management Bureau assistant director Rodela Romero said the impact of Hurricane Harvey on supply primarily pushed the oil prices hikes.

“The increase in prices was primarily due to disruption in supply. The US has a big impact on the international market, especially with 11 refineries in Texas that went on total shutdown due to Harvey,” she said.

Because of the shutdown, the US had to outsource its supply in the international oil market.

“The production of these refineries is equivalent to three million barrels per day – almost 16 percent of the total US demand. This meant they needed to source from the international market,” Romero said.