MANILA — Gasoline and diesel prices are set to surge once again, with gasoline rising by P1.60 per liter and diesel by P1.10 per liter, effective Tuesday, February 20. This announcement comes shortly after a brief respite for motorists last week.
According to separate statements from local oil companies, the increase in gasoline prices will be P1.60 per liter, while diesel will climb by P1.10 per liter. Additionally, kerosene prices will see a rise of P1.05 per liter.
Shell and Seaoil have confirmed that these adjustments will take effect at 6 a.m.
Rodela Romero, director of the Department of Energy (DOE) Oil Industry Management Bureau, attributed these substantial increases to the disruptions in shipping along the Red Sea and Suez Canal, along with escalating tensions in the Middle East.
Furthermore, the Organization of the Petroleum Exporting Countries (OPEC) is anticipated to prolong production cuts of 2.2 million barrels per day throughout the first quarter of the year.
While global demand growth experienced a slowdown last week, Romero highlighted that OPEC now forecasts “strong demand” for 2024.
Last week, local oil companies decreased gasoline prices by P0.60 per liter, diesel by just P0.10 per liter, and kerosene by P0.40 per liter.
This led to a year-to-date net increase of P4.45 per liter for gasoline, P4.30 per liter for diesel, and P0.45 per liter for kerosene, according to the DOE.
As of February 15, prevailing retail prices in Metro Manila ranged from P53.77 per liter to P83.46 per liter.
(By el Amigo/MNM)
