The Manila Times

Fresh Mideast strikes to jack up fuel prices

MANILA, Philippines — Motorists are expected to face a fresh round of fuel price increases beginning on Tuesday as new Iranian and Israeli strikes in the Middle East alarmed global markets. Shell said it would hike the prices of gasoline by 30 centavos per liter, diesel by P4.85 per liter, and kerosene by P4.75 per liter. Seaoil will increase its prices of gasoline, diesel and kerosene by 30 centavos, P5.77 and P8.10 per liter, respectively. Unioil will raise prices of gasoline and diesel by 30 centavos and P4.90 per liter, respectively. Last week, prices of gasoline dipped up to P4.76 per liter; diesel, by as much as P9.26 per liter; and kerosene, by up to P10.86 per liter. The advisories came after oil prices jumped more than $4 on Monday, with investors spooked not only by fresh Israeli strikes on Iran, but by renewed attacks on Lebanon a day earlier. Brent crude futures rose $4.42, or 4.47 percent, to $97.15 a barrel as of 2:09 p.m. (Manila time), while US crude futures were up $4.07, or 4.50 percent, at $94.61 per barrel. WITH REUTERS