The various oil retailers followed up last week’s fuel price adjustments with a new round of price hikes beginning midnight Tuesday.
Seaoil increased the price per liter price of its gasoline by P1.35, its diesel by P0.45 per liter and kerosene by P0.35 per liter.
Cleanfuel and PTT similarly adjusted higher its gasoline by P1.35 per liter and by P0.45 per liter on diesel.
Caltex Philippines Inc. also increased the pump price of its Platinum and Silver gasoline brands by P1.35 per liter, diesel by P0.45 per liter and kerosene by P0.35 per liter.
Global trader fears on crude supply shortages going forward aggravated by unceasing and rising tension between Russia and Ukraine helped push prices higher.
The price of RON95 gasoline in Manila as of 18 July stood at P67.45 per liter, diesel at P55.99 per liter and kerosene at P68.47 per liter based on data from the Department of Energy (DOE).
Year-to-date adjustments amount to a net decrease of P0.85 per liter for diesel and P3.70 per liter for kerosene but a net increase of P7.55 per liter for gasoline.
Analysts said global crude supply is starting to tighten and may “accelerate dramatically” in the coming weeks as production from both the Organization of the Petroleum Exporting Countries and its allies and from the United States steady decline in recent weeks.
Experts said the worsening tension between Russia and Ukraine that resulted last week in Russia’s withdrawal from a safe sea corridor agreement brokered by the United Nations will adversely impact ethanol and biofuels supply that are blended with crude products.
Lower ethanol and biofuels supply will force refiners to use more crude already in short supply, traders said.
