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Motorists queue for fuel at a gas station in Pasig City on October 10, 2022. Mark Demayo, ABS-CBN News

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FUEL PRICE HIKE

Pia Gutierrez

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:950px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/171133016835720221010-oil-price-hike-MD--15.jpg" style="width:950px" class="fr-fic fr-dib"/><span class="fr-inner" style="text-align:left"><span id="isPasted" style="color:rgb(51, 51, 51);letter-spacing:normal;orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:pre-wrap;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">Motorists queue for fuel at a gas station in Pasig City on October 10, 2022, a day before a new round of oil price hike takes effect. <em>Mark Demayo, ABS-CBN News</em></span><em> </em></span></span></span></div><p><strong>MANILA (UPDATED)</strong>-Fuel prices are rising this Holy Week.</p><p>Petroleum companies announced the following price hikes effective March 25, Tuesday:</p><div><br/></div><div style="line-height:1"><strong>PILIPINAS SHELL, SEAOIL (effective 6 a.m.)</strong></div><p style="line-height:1">Gasoline - P2.20/L increase</p><p style="line-height:1">Diesel - P1.40/L increase</p><p style="line-height:1">Kerosene - P1.30/L increase</p><div style="line-height:1"><br/></div><div style="line-height:1"><strong>CALTEX (effective 6:01 a.m.)</strong></div><p style="line-height:1">Gasoline - P2.20/L increase</p><p style="line-height:1">Diesel - P1.40/L increase</p><p style="line-height:1">Kerosene - P1.30/L increase</p><div style="line-height:1"><br/></div><div style="line-height:1"><strong>JETTI, PETRO GAZZ (effective 6 a.m.)</strong></div><p style="line-height:1">Gasoline - P2.20/L increase</p><p style="line-height:1">Diesel - P1.40/L increase</p><div style="line-height:1"><br/></div><div style="line-height:1"><strong>CLEANFUEL (effective 4:01 p.m.)</strong></div><p style="line-height:1">Gasoline - P2.20/L increase</p><p style="line-height:1">Diesel - P1.40/L increase</p><div><br/></div><div><a href="https://news.abs-cbn.com/business/2024/3/21/holy-week-oil-price-hike-ahead-doe-754" rel="noopener noreferrer" target="_blank">Holy Week oil price hike ahead: DOE</a></div><div><br/></div><p>The Department of Energy said the price hikes are due to several geopolitical developments abroad. </p><p>DOE Assistant Director Rodela Romero of the Oil Industry Management Bureau said Ukaine&#x27;s attacks on three large Russian refineries spooked markets.  </p><p>Oil tankers from the Middle East now also have to travel farther to avoid attacks from Houthis in the Red Sea.</p><p>“‘Di po ba, iyong ating mga oil vessels, dumadaan sa Red Sea and then nagkakaroon po ng kaguluhan ang Houthis, hinaharang po nila kaya umiikot pa po iyong mga vessels na iyon. Sa pag-ikot po doon, tumataas po iyong freight cost, at the same time po, iyong insurance because of the risk factor,” Romero said.</p><p>(&#x27;Isn&#x27;t it that our oil vessels, passing through the Red Sea and then the Houthis are having trouble, they are blocking them so those vessels are still going around. By going around there, your freight cost increases, at the same time, your insurance because of the risk factor)</p><p>Romero also pointed to the decline in the oil inventory of the United States, and the cut in production from the Organization of Oil Exporting Countries. .</p><p>“And lastly po, iyong supply and demand outlook. Sinabi po ng IEA or the International Energy Agency, at saka ng US Energy Information Administration na for 2024, may deficit daw po ng global supply.”</p><p>(And lastly, the supply and demand outlook. The IEA or the International Energy Agency, and then the US Energy Information Administration said that for 2024, there is a deficit of global supply.)</p>

Fuel prices rise on Holy Week

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Fuel prices rise on Holy Week

Pia Gutierrez,

ABS-CBN News

Published March 25, 2024 09:39 AM PHT

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Updated March 25, 2024 05:06 PM PHT

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