Fuel prices go up this week

INQUIRER.net photo

MANILA, Philippines — After last week’s hefty price cuts, there will be an upward adjustment in pump prices effective on Aug. 20.

Seaoil, Shell Pilipinas, Clean Fuel, PetroGazz, and Caltex announced in separate advisories on Monday that per liter, the increases would be P1.20 for diesel and P1 for both gasoline and kerosene.

According to Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau, the higher prices were driven by external factors, especially rising concerns over the Middle East conflict.

READ: Big-time fuel price rollback set for Tuesday, Aug 13

“Oil prices surged at the early part of the week driven by the fear for an escalating Middle East tension that could threaten production in one of the world’s major oil sources as Iran vows retaliation,” she said. Other factors were the easing of the US monetary policy and subsiding fears over a possible US recession, she added.

Romero said that the Organization of Petroleum Exporting Countries was optimistic about fuel demand.