fuel price hike
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Fuel price hike again on August 18 after last week’s rollback

ByJustpaste.in

MANILA, Philippines – Fuel prices are going up again starting Tuesday, August 18, after last week’s rollback as fuel markets remain volatile.

In a press conference on Monday, August 17, Energy Secretary Sharon Garin announced the following fuel price adjustments for the week of August 18 to 24:

  • Gasoline – increase of P2.49 per liter
  • Diesel – increase of P3.84 per liter
  • Kerosene – increase of P5.01 per liter

The adjustments will take effect on Tuesday, August 18.

The latest increase follows last week’s fuel price rollback, when oil firms cut pump prices by P4.70for gasoline, P4.30 per liter for diesel, and P4.88 per liter for kerosene.

That rollback had offered motorists some relief after the steep fuel price hikes in late July. On July 28, pump prices rose by P6.80 per liter for gasoline, P7.32 per liter for diesel, and P4.22 per liter for kerosene. A week earlier, on July 21, gasoline rose by P3.65 per liter, diesel by P10.68 per liter, and kerosene by P11.77 per liter.

The latest hike shows how quickly domestic pump prices can swing as global crude and refined fuel markets react to shifting supply conditions, foreign exchange movements, and geopolitical risks.

The DOE’s oil monitor as of August 11 showed that Dubai crude prices decreased by around $1.10 per barrel during the August 3 to 7 trading period. International prices of gasoline, kerosene, and diesel also declined by around $10.80 per barrel, $10.20 per barrel, and $10.20 per barrel, respectively.

Those declines were partly driven by expectations of a possible US-Iran agreement that could restore normal shipping flows through the Strait of Hormuz and ease supply concerns. But the DOE said risks remained, with shipping activity through the Strait still subdued and continued attacks on vessels in the Red Sea raising concerns over maritime security.

Diesel also remains vulnerable to tight regional supply. The DOE said middle distillate stocks in the Amsterdam-Rotterdam-Antwerp region fell to their lowest level since July 2022, while strong distillate margins and low inventories were expected to continue supporting diesel prices.

Despite last week’s rollback, local pump prices remain well above levels seen before fighting involving Iran and US-Israeli forces broke out on February 28. In the last full week before the conflict, DOE data showed common retail prices in Metro Manila at P56 per liter for gasoline RON95, P54.70 per liter for gasoline RON91, P55 per liter for diesel, and P83.47 per liter for kerosene.

The Philippines is a net importer of petroleum products, making local pump prices vulnerable to global oil price swings, foreign exchange movements, regional refined fuel prices, and disruptions in international supply routes. – Rappler.com

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