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Pump prices continue to rise, no end in sight

Oil companies will increase pump prices for the ninth straight week today.

In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil, and Shell said they will raise diesel prices by P0.80 per liter and gasoline by P0.90 per liter.

Caltex, Seaoil, and Shell will also hike kerosene prices by P0.75 per liter.

With the non-stop price increase on petroleum products, year-to-date increments for gasoline stood at P8.75 per liter, P10.85 per liter for diesel, and P9.55 per liter for kerosene.

Tensions between Russia and Ukraine further escalated late last week, which continue to affect global oil supply and prices.

But this was tamed by the potential return of Iranian barrels in the global oil market.

“The International Energy Agency (IEA), in its latest report raised its 2022 demand outlook to 100.6 million barrels per day from (a) prior estimate of 99.7 million barrels per day while supply from OPEC+ remains tight. Spare capacity continues to shrink on years of under investment as seen in the persistent gap between OPEC+ output and targeted allocations,” the Department of Energy’s oil monitor bulletin said.*PNA

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