Fuel prices rise by 50¢ per liter amid Russia export ban

By: Meg Adonis - @inquirerdotnetINQUIRER.net | March 04,2024 - 11:08 AM

Fuel pump


MANILA, Philippines —Fuel pump prices will increase by P0.50 per liter starting Tuesday, March 5, due to Russia’s six-month export ban.

However, diesel prices will decrease by P0.40 per liter and kerosene by P0.35 per liter, as reported by local oil firms.

Shell and Seaoil will implement the price adjustments by 6 a.m. while CleanFuel will adjust its prices at 4:01 p.m.

The Department of Energy Oil Industry Management Bureau attributed the increase in gasoline prices to Russia’s export ban that became effective on March 1.

S&P Global explained that the ban was meant to “safeguard” Moscow’s domestic supply in anticipation of high demand in the coming months.

READ MORE: OPEC+ producers extend oil output cuts to second quarter

The Organization of the Petroleum Exporting Countries is likewise projected to extend its supply cuts of 2.2 million barrels per day until the second quarter of the year. It was originally set to persist only within the first quarter.

READ MORE: Fuel price rollback: gasoline down 70¢ per liter, diesel by 95¢

Cebu Daily Newscast: Fuel prices: Big time hikes for gasoline, diesel start Tuesday

This marks the second consecutive week of rollbacks for diesel and kerosene.

Last week, oil companies cut the price per liter of gasoline by P0.70, diesel by P0.95 and kerosene by P1.10.

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TAGS: fuel price, fuel price hike, oil price

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