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It’s another stressful week at the pumps, as oil prices rise by over ₱1 again.
Effective Tuesday, April 1, gasoline prices will increase by ₱1.40 per liter, while diesel and kerosene will be up by ₱1.20 per liter.
Shell Pilipinas, Cleanfuel, Seaoil, Petro Gazz, and Caltex are among the oil companies that have announced these price movements.
Last week, gasoline in Metro Manila ranged around ₱57.40 to ₱67.15 per liter, while diesel was around ₱53.90 to ₱56.90 per liter.
Kerosene hit ₱70.67 per liter last week.
Analysts attributed these increases to ongoing developments in the United States (US), particularly its tariff wars since the re-entry of President Donald Trump, alongside its sanctions on Iran.
These factors could potentially affect production and transport, as the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) mentioned that US sanctions on Iran could result to cutting back one million barrels per day (MMBD) from global supply, while the tariff dispute could affect Venezuelan crude.
Additionally, the prolonged Russia-Ukraine war could lead to strikes on energy installations.
Moreover, Jetti Petroleum cited the OPEC+ plans to push through with oil production cuts to make up for the previous oversupply.
