Philippines: Fuel prices rise for 12th time in 2022
Pump prices have risen $0.35/litre for petrol, $0.54/litre for diesel since January
Manila: Fuel pump prices saw another round of increases on Tuesday (March 29, 2022), amid continued geopolitical uncertainties. The price hikes, the 12th so far this year, could trigger inflationary pressures.
Data from oil firms show the cumulative fuel price increases since January 2022 as follows: Php18.3 ($0.35) per litre for petrol, Php27.85 ($0.54) per litre for diesel and Php25.75 ($0.53) per litre for kerosene.
For the Tuesday round, local oil retailer Seaoil Philippines announced that its petrol (gasoline) products will go up by Php3.40 per litre, while diesel will be up by Php8.65 per litre; and kerosene by Php9.40 per litre as of 12:01 am on Tuesday.
Caltex also advised that unleaded petro will go up by Php3.40, diesel by Php8.65 and kerosene by Php9.40 per litre. Unioil Philippines says diesel would increase by Php8 to P8.30 per liter and gasoline by Php2.90 to Php3.10 per litre.
Cleanfuel, a Philippine oil retailer, also unveiled an upward price adjustment for gas and diesel. The Bangko Sentral ng Pilipinas (BSP), the country's central monetary authority, now expects inflation to average 4.3% this year amid the uptick in global fuel prices, instead of 3.7% projected earlier.
The latest round of price increase came following a price rollback last week, when the global global crude oil market saw a brief respite in price increases. The Philippines sources about 80% of its domestic fuel from the Gulf.
Rodela Romero, Assistant Director of the Oil Industry Management Bureau, under the Department of Energy, told local media that some global developments are responsible for this week's price adjustments.
Reports of Al Houthi drone attack on a refinery in Saudi Arabia as well as several developments affecting the global oil supplies, has spooked markets.
The official also cited the International Energy Agency (IEA) reports that the global oil market can lose 3 million barrels of Russian oil products per day next month (April), the recent drone attack on a refinery based in Riyadh, Saudi Arabia, and the storm damage to the crucial Black Sea export terminal as reason for supply risks.
The government has released funding to subsidise fuel prices for certain sectors, including passenger jeepney operators, fishermen and farmers, with up to Php6.1 billion earmarked for the fuel subsidy, according to the DOE.