Fuel prices up today

Oil companies implemented higher prices of fuel products yesterday due to higher demand and the tension in Iran that pushed up global crude prices.

Gasoline prices were increased by 80 centavos per liter, diesel prices by 55 centavos per liter and kerosene by 55 centavos per liter.

This is the fifth consecutive week that diesel and kerosene prices were raised.

Pilipinas Shell Petroleum Corp. and SeaOil Philippines Inc. said their price adjustments were implemented starting 6 a.m.

Other oil companies have yet to announce their respective advisories as of press time.

Based on the monitoring of the Department of Energy (DOE), US crude stocks fell for the eighth straight week, while buying appetite from Chinese independent refiners seemed high at the start of the New Year, which increased global prices.

The tension between the US and Iran has also helped fuel an oil rally that has lifted crude futures to their highest levels in more than three years.

“The pending decision from the White House on Iranian sanctions continues to loom large over the market, partly pushing prices higher,” the DOE said.

On the impact of the Tax Reform for Acceleration and Inclusion (TRAIN) in oil prices, the DOE said it would depend on the old stock depletion, which has not been charged with excise tax.

The agency asked retail gas stations to post in a conspicuous place a signage when the excise tax is being implemented at the retail level.