Diesel, Kerosene Prices to Jump by Over P10 Per Liter This Week

MANILA, Philippines — Diesel and kerosene prices are set for double-digit increases this week, with the Department of Energy (DOE) calling on oil companies to stagger the adjustments. Energy Secretary Sharon Garin announced maximum price hikes of P10.68 per liter for diesel, P11.77 for kerosene and P3.65 for gasoline as the DOE brought back stricter fuel pricing measures. “Heightened tensions and developments in the Middle East are affecting global oil markets. Because these markets are interconnected, they are driving price adjustments up across every importing country,” Garin said yesterday. With the sharp increases, energy officials urged oil companies to spread out the adjustments to help ease the impact on motorists. At Shell and Seaoil stations, gasoline, diesel and kerosene prices will climb by P3.60, P8.20 and P8.10 per liter, respectively, today. Diesel prices will increase by another P1.20 per liter tomorrow and on Thursday, while the cost of kerosene will go up by P2.30 per liter tomorrow and P1.20 per liter the following day. Domestic pump prices surged again following renewed hostilities between the US and Iran over the strategic Strait of Hormuz, a key shipping route for oil and gas supplies from the Middle East. As a net oil importer, the Philippines quickly felt the impact of the tensions, with disruptions in global markets driving fuel prices higher at home. Despite the global supply pressures, Garin assured the public that the country’s fuel stockpiles remained sufficient. — Andrew Ronquillo, Rhodina Villanueva