Pump prices went up by as much as P1.70 per liter effective 6 a.m. today (Tuesday) to reflect the movement of prices in the world oil market.
Oil firms raised the price of diesel by P1.70 per liter, gasoline by P1.60 per liter, and kerosene by P1.54 per liter amid the ongoing vessel attacks in the Red Sea.
Department of Energy director for the oil industry management bureau Rodela Romero attributed the oil price increase to the “growing avoidance of the Red Sea by oil companies and tanker owners as a rebel group ramped up attacks on vessels in the region.”
The Red Sea is a crucial route for oil and liquefied natural gas vessels, Romero said, noting that the attacks could impact supply.
Before the Christmas holiday weekend, both Brent and West Texas Intermediate crude increased by around one percent.
The price increases, however, were tempered by signs of an unexpected build-up in US crude stockpiles and talks over a potential ceasefire in the Israel-Hamas war, Romero added.
On Dec. 19, oil firms implemented a mixed oil price movement, rolling back the pump price of kerosene by P0.85 per liter but increasing the diesel price by P0.10 per liter. Gasoline prices did not change.
These price adjustments resulted in a year-to-date net increase of P11 per liter for gasoline, P3.85 per liter for diesel, and P0.54 per liter for kerosene.