Fuel prices going up again today
Credit to Author: Patrick Miguel| Date: Tue, 6 Feb 2024 00:00:00 +0800
MANILA, Philippines — In separate advisories, oil companies announced prices would increase by P0.75 per liter for gasoline and P1.50 per liter for diesel.
Shell, Seaoil and Caltex will increase kerosene prices by P0.80, while Jetti, PetroGazz and CleanFuel will up kerosene by P0.75.
The price adjustments will take effect today at 6 a.m., except for Caltex and CleanFuel which will start implementation today at 12:01 a.m. and 4:01 p.m., respectively.
The increase is less compared to last week, when pump prices increased by P2.80 per liter for gasoline, P1.30 per liter for diesel and P0.45 per liter for kerosene.
The rise of oil prices, according to Department of Energy Oil Industry Management Bureau assistant director Rodela Romero, was caused by the disruption of supply lines and logistics of oil facilities in Russia.
Latest report on Russian oil companies detail two Ukrainian drones attacking the Volgograd oil refinery in southern Russia on Saturday.
Romero added that the proposed extension of the OPEC+ production cut of 2.2 million barrels per day until the first quarter of 2024 also spiked oil prices.
OPEC+ is expected to decide in March the voluntary oil production cuts for the first quarter.
“The US Federal Reserve plans to reduce interest rates to help boost economic growth and to help create demand to commodities like crude oil,” Romero said.