Fuel prices up by P1.10 per liter

MANILA, Philippines — Oil companies are set to jack up pump prices of petroleum products by as much as P1.10 per liter today.

In separate advisories, Shell, Caltex and Seaoil announced upward adjustments of P1.10 per liter for gasoline and P0.40 per liter for diesel and kerosene.

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

The escalating tensions in the Middle East following US airstrikes on Yemen’s Houthi rebels pushed fuel prices higher, according to the Department of Energy.

The attacks reportedly killed at least 53 people and injured nearly 100 more, with the campaign likely to continue indefinitely.

Also contributing to the price hike were the issuance of China’s fiscal stimulus plan to boost consumption and US government data showing a draw in fuel inventories.

The latest adjustments bring the year-to-date net increase in gasoline and diesel prices to P3.25 per liter, while the net decrease for kerosene stands at P0.30 per liter.