Oil companies will raise pump prices for the ninth consecutive week on Tuesday, March 3, as escalating military tensions in the Middle East and supply disruptions in the Persian Gulf continue to rattle global energy markets.
Gasoline will increase by ₱1.90 per liter, diesel by ₱1.20, and kerosene by ₱1.50, according to advisories from industry leaders including Shell Pilipinas Corp., Seaoil Philippines Inc., and Chevron Philippines Inc.
Most adjustments are scheduled to take effect at 6 a.m. local time, while Cleanfuel will implement its rate hike at 8:01 a.m.
Leo Bellas, Jetti Petroleum president said the price action is increasingly driven by “much larger” freight costs and risk premiums embedded in the supply chain.
The surge comes as the United States (US) and Iran remain locked in a military standoff that has deterred shippers from navigating critical corridors such as the Strait of Hormuz.
The geopolitical rift has caused marked reluctance among vessel operators to traverse the Persian Gulf, according to a report from ING Economics.
With roughly 20 percent of the world’s daily oil supply passing through the Strait of Hormuz, any prolonged blockage or perceived threat to tankers translates directly into higher costs for net-importing nations like the Philippines. (Gabriell Christel Galang)
