JAKARTA - Fuel prices in the Philippines have again risen since Tuesday. This is the fourth consecutive week of adjustment, amid the Middle East conflict that continues to pressure the energy market.
The Philippine News Agency (PNA) quoted Monday, March 30, reported that the sharpest increase was in solar. PetroGazz and Unioil announced that the price of solar increased by 12.50 Philippine pesos per liter, while gasoline increased by 2.50 pesos per liter.
Seoil also raised the price of solar to 12.50 pesos per liter and kerosene to 2 pesos per liter. However, the company did not change the price of gasoline.
Meanwhile, Shell set a price increase of 12.90 pesos per liter for solar, 2.90 pesos per liter for gasoline, and 2.40 pesos per liter for kerosene. Jetti also raised the price of solar 12.90 pesos per liter and gasoline 1 peso per liter.
As reported by PNA, other oil companies have yet to announce price adjustments for this week. However, this new wave of increases shows that supply and energy prices have not eased.
The Philippine government has previously tried to strengthen its supply reserves. Last week, the Philippine Energy Department reported the arrival of the first shipment of solar energy in the Emergency Energy Security Program with a volume of around 22.58 million liters or 142,000 barrels.
The supply was prepared to strengthen the national fuel reserves amid global market turmoil. The Philippine government called the move as part of efforts to maintain energy security and withstand the impact of external disruptions on transportation, industry, and other sectors that rely on oil.
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