Fuel prices will increase for the third consecutive week by up to P1 per liter on Sept. 2 (Tuesday).
Separate advisories on Monday from Seaoil, Jetti Petroleum, Petron, and PTT Philippines stated that prices of their gasoline products will increase by P0.70 per liter and diesel by P1 per liter effective 6 a.m, and Caltex by 6:01 a.m. Tuesday.
Seaoil, Caltex, and Petron will also increase price of kerosene by P0.70 per liter at the same time.
“The adjustments reflect the movement on prices of refined fuel products, freight and market premiums in the international market,” Jetti Petroleum said.
Last week, fuel prices rose by P0.30 to P0.70 per liter.
The increase in prices this week is partly attributed to supply issues, given the war between Russia and Ukraine, and the US sanctions on Russia.
Jetti Petroleum president Leo Bellas, in a statement last week, cited as additional factors to the projected oil price increase the “demand optimism (that) further supported prices following signals from (the) US Federal Reserve of possible interest rate cut, and large drawdown in US crude and fuel inventories.”