Gas prices up by P1.40, diesel by P1.20

MANILA, Philippines — Concerns over supply and trade war risks are driving fuel prices higher by over P1 per liter.

Shell, Caltex and Seaoil are hiking today gasoline price by P1.40 per liter and diesel and kerosene by P1.20 per liter.

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

The increases, according to the Department of Energy (DOE), are a result of US sanctions on Iran, which could reduce global oil supply by one million barrels per day.

Also pushing prices higher are the ongoing tensions between Russia and Ukraine, as well as US tariff threats against countries purchasing Venezuelan crude oil, the DOE said.