• CHERYL G. CRUZ
The pump prices of petroleum products will increase for the third straight week, with diesel going up by almost P10 a liter, still due to the war in the Middle East.
Oil companies announced over the weekend that diesel will increase by P8.40 to P9/L, gasoline by P4.30 to P4.90/L, and kerosene by P6 to P7/L. The exact adjustment will be known today, Sept. 21, with the price movement implemented every Tuesday.
Last week, the per-liter price of diesel increased by P4.31, gasoline by P5.68, and kerosene by P4.62.
“Oil prices surged higher after attacks in the Strait of Hormuz and the Red Sea, the region’s two most important oil transit routes, further deepened supply disruption worries,” Jetti Petroleum president Leo Bellas was quoted as saying in a Philippine News Agency report Sept. 18, adding that increases in domestic fuel prices are due to the sustained escalation of tensions in the Middle East.
“Attacks on Saudi Arabia’s East-West pipeline, a key oil route for bypassing the Strait of Hormuz, forced a shutdown of the system and triggered concerns that the loss of Saudi export capacity would severely affect global energy supplies,” he added.
Department of Energy officials had also said the current jump in oil prices is expected to continue, given the Middle East crisis. But they assured the public that domestic fuel supply remains above regulatory requirements, and subsidies continue for qualified public utility vehicle drivers. | CGC
