Domestic fuel prices will increase by as much as P5.01 per liter this week as geopolitical uncertainties in the Middle East continue to push up international oil prices.
Three oil companies announced price adjustments effective 6 a.m. Tuesday, with kerosene posting the biggest increase.
Petron Corp. will raise kerosene prices by P5.01 per liter, while Seaoil will increase its kerosene price by P5 per liter.
For diesel, Petron will implement a P3.90-per-liter increase, followed by Seaoil at P3.84 and Jetti Petroleum at P3.80.
Gasoline prices will rise by P2.50 per liter at Petron, P2.49 at Seaoil and P2.40 at Jetti.
The increases reverse the fuel price rollbacks implemented over the previous two weeks.
Energy Secretary Sharon Garin attributed the latest adjustments to rising prices in the international oil market, amid continued uncertainty over developments in the Middle East.
“We understand that this is not the news Filipinos would like to hear, and this is a reflection of the volatility of the global oil crisis,” Garin said during an online briefing Monday.
She said stalled peace talks between the United States and Iran have added uncertainty to the international oil market and pushed up the Mean of Platts Singapore (MOPS), Asia’s benchmark for oil prices, along with foreign exchange rates.
Garin said the Philippines’ heavy reliance on imported fuel also exposes domestic prices to movements in the global market.
She said the government is working to reduce this dependence by diversifying fuel sources and developing indigenous and renewable energy resources.
“That work is already moving forward. We continue to diversify our sources of fuel so that the country is not overly dependent on any single market. At the same time, we are developing more of our own indigenous and renewable energy resources,” she said.
The government recently awarded 13 renewable energy contracts and expects to award more in the coming months for companies seeking to explore oil, gas and natural hydrogen resources.
Garin also cited the planned Philippine Strategic Petroleum Reserve as part of the government’s long-term energy security strategy.
“The Philippine Strategic Petroleum Reserve is part of that long-term plan. We are moving this forward to provide the country with a government-held emergency fuel buffer that can be called upon when major international supply disruptions threaten our energy security,” she said.
Meanwhile, the government continues to provide fuel subsidies to qualified public utility vehicle drivers.
Under the program, eligible beneficiaries receive a P12-per-liter discount for up to 150 liters of fuel per week.
Photo courtesy of AutoDeal
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