Fuel prices up by P1.20 per liter

MANILA, Philippines — Oil companies are set to increase prices at the pumps today by at least P1 per liter as geopolitical tensions continue to threaten global markets.

In separate advisories, Shell, Caltex and Seaoil announced that gasoline and kerosene prices would climb by P1 per liter and diesel by P1.20 per liter.

Petro Gazz, Cleanfuel, PTT Philippines and Jetti would apply the same price movements, except for kerosene, which they do not carry.

With these adjustments, gasoline and diesel will have a year-to-date net increase of P8.05 and P5.95 per liter, respectively, while kerosene will have a total net decrease of P2.15 per liter.

The price increase will end three straight weeks of cuts for gasoline and the five-week downward trend in diesel and kerosene prices.

Oil prices surged amid rising tensions in the Middle East, as conflicts could disrupt production at one of the world’s major oil sources, according to the Department of Energy.