PUMP prices are on the rise again this week.
Oil companies separately announced on Monday that they will raise diesel price by P7.30 per liter, gasoline by P6.80 per liter, and kerosene by P4.20 per liter. The new pump prices will take effect on Tuesday.
As of press time, the oil companies that announced their price movements are Shell, Seaoil, and Unioil. Other oil firms are expected to follow suit.
Jetti, for its part, will implement a staggered price hike. On Tuesday, it will increase the price of diesel by P5 per liter and raise it again on Wednesday by P2.30 per liter. For gasoline, it will implement a P5 per liter hike followed by P1.80 per liter increase on the same days.
Oil companies implement weekly price adjustments to reflect movements in the world oil market.
They said that geopolitical conflicts and rising demand have tightened Asian fuel supplies, keeping refined product prices high despite a minor drop in crude oil prices.
‘Supply disruptions linked to the Iran and Ukraine wars have tightened prompt oil supply availability and have caused prices to rise this week,’ an oil firm said.
The disruption of oil supplies has lifted the risk of delayed crude arrivals for Asian refiners, which supported diesel and middle distillate prices as product availability continues to tighten due to a slowing refinery output recovery, the oil firm explained.
While crude oil prices settled lower on Friday following reports that China had initiated a push towards a resumption of stalled peace talks between the US and Iran, the Mean of Platts Singapore prices on diesel and gasoline have maintained their strength and closed higher this week.
Last week, they hiked gasoline by P3.50 per liter, diesel by P10 per liter, and kerosene by P11 per liter.