Fuel prices are moving in opposite directions today amid recent geopolitical developments that have rattled global oil markets. Diesel will increase by P0.20 per liter and kerosene by P0.10, while gasoline will decrease by P0.10, according to major oil companies.
In Manila, Philippines, major oil companies including Jetti, Petron, Seaoil, and PTT Philippines have announced fuel price adjustments effective this week. The increases in diesel and kerosene stem from concerns over potential supply disruptions due to international tensions, particularly the United States' bombing of Venezuela over the weekend and the capture of authoritarian leader Nicolas Maduro to face trial in New York on drug charges.
Jetti president Leo Bellas stated that the suspension and paralysis of Venezuela’s oil export operations could drive global oil prices higher and sustain market volatility. Although world crude prices fell yesterday amid expectations of eased sanctions on Venezuelan crude, threatening a global supply glut, freight and premium components remain elevated.
Last week, both diesel and gasoline prices slightly declined in the Mean of Platts Singapore following a recovery in regional refinery output. Oil industry experts, however, noted persistent worries over supply disruptions from abroad. Venezuela holds the world’s largest proven oil reserves but contributes less than one percent of global output due to sanctions.
