Philippine Pump Prices Climb for Second Week on Middle East Supply Risk

Philippine pump prices rose for a second straight week, with the latest adjustment following increases of P4.69 per liter for gasoline, P5.18 for diesel, and P5.58 for kerosene the previous week, according to Philstar.

Jetti Petroleum President Leo Bellas told the Tribune that oil and product prices surged further after escalating attacks on shipping and energy infrastructure threatened to worsen already-disrupted oil flows from the Middle East.

The exposure is concentrated. About 98% of the country's crude oil imports come from the Middle East, BusinessWorld reported. Oil Industry Management Bureau director Rino Abad said the 30-day trading average for Dubai crude reached USD 99.41 per barrel as of September 11, per BusinessWorld.

At the pump, a motorist filling a 40-liter gasoline tank will spend about P227 more, while a 50-liter diesel fill-up will cost roughly P216 more, according to the Tribune.

The increases have drawn a response from the transport sector. Rappler reported that transport group Manibela staged a nationwide transport strike on Monday, September 14, citing rising fuel prices.

Bellas attributed the surge in international prices to escalating attacks on shipping and energy infrastructure affecting Middle East oil flows, per the Tribune. The prior week's adjustments of P4.69, P5.18, and P5.58 per liter for gasoline, diesel, and kerosene were reported by Philstar.