Local retailers raise fuel prices following global trends, citing geopolitical shifts and weather disruptions
Retailers are implementing significant price increases on petroleum products beginning Tuesday morning, marking a sharp reversal after last week’s brief mixed adjustments.
Caltex and Seaoil both raised the price of gasoline by P1.50 per liter, diesel by P2.10, and kerosene by P1.20. Meanwhile, Clean Fuel adjusted its prices upward by P1.50 for gasoline and P2.10 for diesel.
The price hikes come amid a confluence of factors, including the geopolitical impact of Donald Trump’s anticipated return to the U.S. presidency and disruptions in oil production in the Gulf of Mexico caused by Hurricane Rafael.
According to the Department of Energy (DOE), as of November 5, the retail price of gasoline (RON91) in Manila averaged P57.50 per liter, diesel at P55.15, and kerosene at P71.66. The DOE also reported year-to-date price adjustments as a net increase of P8.65 per liter for gasoline and P7.30 per liter for diesel although kerosene posted a net cut of P2.60 per liter.
