Fuel prices rise on fears over Syria

Oil firms raised pump prices for gasoline, diesel and kerosene Tuesday as market jitters drove up fuel prices across the globe. Petron, the No. 1 oil player in the country, attributed the international movements to concerns over “ongoing geopolitical tensions in the Middle East, particularly Syria.”

At 6 a.m. Tuesday, Shell raised its gasoline prices by P1.35 per liter, diesel by P1 and kerosene by P1.15. Petron and Seaoil likewise hiked their gasoline prices by P1.25 per liter, diesel by P1 and kerosene by P1.15. Total raised its gasoline prices by P1.25 per liter and diesel by P1.

At noon, PTT Philippines adjusted its gasoline prices by P1.25 per liter and diesel by P1 a liter.

The local price hikes came a day after Petron and Total also announced LPG price increases.

Including the price adjustments this week, the year-to-date net increase in gasoline and diesel prices stood at P3.20 to P3.30 per liter and P4.08 per liter, respectively.

Last week, international oil prices rose to a six-month high amid the threat of a Western military strike against Syria, raising concerns over stability in the Middle East.

Although not a major oil producer, Syria is seen as a flash point in the Middle East and Africa (Mena) region which pumps more than a third of the world’s oil supply. Syria’s strategic ally is No. 2 oil producer Iran and the situation could affect other large producing countries like Saudi Arabia and Kuwait. The Bay of Iskenderun in Turkey, which is near the border with Syria, is a major export route for crude oil out of Iraq and Azerbaijan.