Gasoline prices up 50¢ per liter due to Russia export ban

MANILA, Philippines  — The pump price of gasoline will climb by P0.50 per liter on Tuesday, March 5, following Russia’s implementation of a six-month export ban.

Meanwhile, the price per liter of diesel and kerosene will go down by P0.40 and P0.35, respectively, according to local oil firms.

Shell and Seaoil will implement the price adjustments by 6 a.m. while CleanFuel will adjust its prices at 4:01 p.m.

The Department of Energy Oil Industry Management Bureau attributed the increase in gasoline prices to Russia’s export ban that became effective on March 1.

S&P Global explained that the ban was meant to “safeguard” Moscow’s domestic supply in anticipation of high demand in the coming months.

READ: OPEC+ producers extend oil output cuts to second quarter

The Organization of the Petroleum Exporting Countries is likewise projected to extend its supply cuts of 2.2 million barrels per day until the second quarter of the year. It was originally set to persist only within the first quarter.

READ: Fuel price rollback: gasoline down 70¢ per liter, diesel by 95¢

This marks the second consecutive week of rollbacks for diesel and kerosene.

Last week, oil companies cut the price per liter of gasoline by P0.70, diesel by P0.95 and kerosene by P1.10.