Fuel pump prices continue to go up

Local oil companies will implement another round of fuel price hikes today, March 16.

Shell, Seaoil, Cleanfuel, PetroGazz, Jetti Petroleum, Caltex, PTT, Unioil, and Flying V raised gasoline prices by 40 centavos per liter and diesel by 95 centavos per liter.

Kerosene prices also went up for the week, with Shell, Seaoil, Caltex, and Flying V increasing prices by 85 centavos per liter.

The Department of Energy's Oil Industry Management Bureau (DOE-OIMB) attributed the price increase to the decision of the Organization of the Petroleum Exporting Countries (OPEC) to cut crude oil production through the second quarter of 2024 and the growing conflict in the Middle East.

«We think there is a lack of supply from a fundamental perspective of supply demand, which was brought about primarily by the production cut, not necessarily about the conflict,» DOE-OIMB Director Rino Abad said in a message.

«So if there was indeed an effect, it is not a sudden spike but rather a consistent increase (in prices) instead due to the said oil supply cuts,» Abad said.

Last week, gasoline prices went up by P1.10 per liter, diesel by P1.55 per liter, and kerosene by P1.40 per liter.

For this year so far, gasoline prices have gone up by P9.30, diesel by P6.05 and kerosene by P1.40.