Fuel prices up on shortages

LOCAL fuel prices rose for a second straight week despite persistent concerns over a global supply glut as short-term shortages in gasoline and gasoil/diesel cargo hit the Asian market.

Petron raised gasoline prices by 35 centavos per liter, diesel by 75 centavos per liter and kerosene by 80 centavos per liter effective 6 a.m. today.

Seaoil also increased today gasoline prices by 25 centavos per liter, diesel by 80 centavos and kerosene also by 80 centavos.

Phoenix Petroleum and PTT Philippines likewise raised gasoline prices by 35 centavos per liter and diesel by 75 centavos per liter starting at 6 a.m. today.

Excluding price changes this week, gasoline prices have so far had a net increase of 61 centavos per liter while diesel remains at a net decrease of P3.44 per liter from January. LPG has had a net decrease of P5.90 per kilogram.

Last week, the Department of Energy reported price spikes due to shortages in gasoline cargo. But industry think tank Platts said ample supply in the second half of November would likely weigh on gasoline products soon. The Asian gasoil/diesel market remained supported by thin supply. Platts noted refinery turnaround in Malaysia, less supply from China, Taiwan and Korea, which may continue to cause tight supply until next week.