MANILA (September 2) — Commuters and motorists will feel another squeeze at the pump today, September 2, as fuel prices rise for the second week in a row.
Oil companies will raise gasoline prices by P0.70 per litre, diesel prices by P1 per litre, and kerosene prices by P0.70 per litre. This is the third consecutive week of rises for gasoline, and the second for diesel and kerosene.
In separate advisories issued on Monday, September 1, Shell Pilipinas, Caltex, PetroGazz, Seaoil, and CleanFuel announced price increases.
Fuel prices have risen, according to the Department of Energy’s Oil Industry Management Bureau (DOE-OIMB), as US oil inventories continue to fall and tariffs on India are imposed. Fuel price movements have also recently been influenced by developments regarding a prospective ceasefire or peace treaty between Russia and Ukraine.
Meanwhile, US President Donald Trump initially attempted to broker a truce by threatening Russia with further tariffs, but subsequently agreed with Russian President Vladimir Putin to pursue a peace treaty instead.
However, US Secretary of State Marco Rubio stated that both Russia and Ukraine would have to make sacrifices, and that a peace accord is still “a long way off.”
Despite Trump’s attempt to intercede, geopolitical tensions have risen, with Russia starting drone assaults on energy and electrical facilities in southern Ukraine, and Ukraine promising retaliation.
Due to rising demand in the fourth quarter, oil companies raised gasoline prices by P0.70 per liter, diesel by P0.50 per liter, and kerosene by P0.30 per liter last week.
This week’s price increase will bring gasoline prices to a total increase of P12.80 per liter this year. Diesel would increase by P13.45 per liter year-to-date, while kerosene will rise by P2.75 per liter.
