Fuel price hike of over P1/liter effective April 22
Fuel prices to go up again this week
MANILA, Philippines – After hefty price cuts last week, oil companies will again increase pump prices by more than P1 a liter starting April 22, as fears of global supply issues have surfaced.
In separate advisories, Seaoil and PetroGazz said gasoline prices may jump by P1.35 per liter, while diesel prices will be raised by P1.30 per liter.
Kerosene will also go up by P1.10 a liter.
In earlier statements, Jetti Petroleum president Leo Bellas and the DOE said the possible price increases could be blamed on the “tighter global supply,” triggered anew by fresh sanctions of the United States against Iran.
“While the heightened global economic uncertainties due to trade tensions continue to weigh on demand, prices have rallied on concerns about global supplies following US pressure on Iran over its nuclear program, and after the United States imposed new sanctions to curb Iranian oil exports,” Bellas said.
“Further adding to supply worries is the OPEC plan for several oil-producing members to curb output to compensate for pumping above agreed quotas, and the ongoing peak maintenance season of refineries,” he added.
