1 month ago
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Motorists will need to brace themselves again for another hit at the fuel pump.
Effective Tuesday, Feb. 18, gasoline and diesel prices will go up by ₱0.80 per liter, while kerosene's will increase by ₱0.10 a liter.
Shell Pilipinas, Clean Fuel, Seaoil, and Caltex are among the oil companies that have announced these price movements.
Last week, gasoline prices in Metro Manila cost around ₱59.45 to ₱70.87 per liter; diesel was somewhere between ₱56.70 and ₱59.45 a liter; while kerosene stood at ₱75.16 per liter.
According to analysts, the recent fuel price adjustments are caused by rising geopolitical friction in the Middle East, potentially slowing down oil production and transport, along with sanctions imposed by the United States on Russia and Iran.
Additional sanctions included those on Russia’s shadow tanker fleet, and rollbacks are still uncertain, as newly seated US President Donald Trump is planning to put more pressure on Russian oil.
Because of this, China and India—Russia’s top buyers—are struggling to access cheaper Russian crude.
However, the US was able to stack up on crude oil reserves to soften the blow of rising prices, while there is a possibility for a Ukraine-Russia peace deal that would help lower costs.
