Fuel prices increased for the ninth consecutive week to hit three-year high.
The last time average gasoline prices hit over the P60 per liter mark was in October 18, 2018 when RON 95 gasoline was at P60.90 per liter while diesel was at P49.15 per liter and kerosene was at P55.10 per liter.
Collectively, the nine weeks of price hikes totalled to P8.35 per liter of gasoline, P9.10 per liter of diesel and P8.60 per liter of kerosene.
According to the Department of Energy (DOE), the latest average Manila price per liter of gasoline (RON95) is at P60.40, diesel at P46.30 and kerosene, P56.82.
Seaoil and Caltex increased per liter prices by P1.15 of gasoline P0.45 of diesel and P0.55 of kerosene.
Phoenix Petroleum and PTT adjusted prices of gasoline by P1.15 per liter and diesel by P0.45 per liter.
As of October 19, year-to-date adjustments on fuel prices summed up to a net increase of P19.65 per liter for gasoline, P18 per liter for diesel and P15.49 per liter for kerosene.
Reuters reported that as of Friday last week, brent crude futures settled at $85.53 a barrel as US West Texas Intermediate crude futures ended at $86.10 a barrel.
The same report added that fuel prices have also been boosted by worries about shortages of coal and natural gas fuel in China, India and Europe which forced some power generators to temporarily use fuel oil and diesel.
