Gas, diesel prices up by P1.80 per liter

MANILA, Philippines — Motorists face another blow as fuel prices are poised to increase by as much as P1.80 per liter today.

In separate advisories, Shell, Caltex and Seaoil announced price hikes of P1.80 per liter for gasoline and diesel and P1.50 per liter for kerosene.

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

The latest adjustments mark a fifth straight increase for gasoline and extend diesel’s uptrend to three weeks.

Oil prices surged amid escalating tensions between Israel and Iran, following a series of missile attacks targeting each other, according to the Department of Energy (DOE).

If the conflict escalates further, the DOE said, it could “threaten” the growth of petroleum and natural gas in the Middle East.

“The recent events in the Middle East are concerning… These kinds of incidents cause spiking in the price,” Energy Undersecretary Alessandro Sales said over the weekend.

On a year-to-date basis, gasoline and diesel prices have increased by P6.90 and P6.65 per liter, respectively.

Kerosene prices, meanwhile, have declined by P0.75 per liter since January.

Last week, gasoline, diesel and kerosene prices jumped by P0.60, P0.95 and P0.30 per liter, respectively.