LOCAL oil firms raised pump prices anew by P2.70 per liter for diesel, P2.50 per liter for kerosene and P1.65 per liter for gasoline effective 6 a.m. Tuesday to “reflect the movement of prices in the world oil market.”
These companies issued separate advisories of their price hikes for the third consecutive week this month amid a volatile oil market environment last week.
Seaoil Philippines, Chevron Philippines, Cleanfuel, PTT Philippines, Jetti Petroleum and PetroGazz announced their respective oil price movements, slightly higher than the Department of Energy (DOE) forecast last week.
DOE Oil Industry Management Bureau (OIMB) director Rodela Romero said last week gasoline products were expected to increase by P1.35 to P1.60 per liter, diesel by P2.30 to P2.60 per liter and kerosene by P2.30 to P2.50 per liter.
Romero said several factors influenced the movement of prices in the world market such as the impact of the United State and the United Kingdom imposing a new round of sanctions on Russian oil.
“This will result to a reduction of Russian exports, thereby could push global crude prices higher in the near term, as the market adjusts to the loss of supply from one of the world’s largest oil producers. Likewise, there would be potential increases in shipping cost,” she said.
Jetti Petroleum president Leo Bellas attributed the higher oil prices on worries that the latest round of US sanctions against Russia could disrupt supply and distribution chains, potentially affecting Russian crude exports to top buyers China and India.
On Jan. 14, 2025, the oil companies implemented an increase of P0.80 per liter for both gasoline and kerosene, while diesel increased by P0.90 per liter.
On Jan. 7, 2025, the oil companies also raised the price of both gasoline and kerosene by P1 per liter while diesel increased by P1.40 per liter.
Gasoline and kerosene have a total net increase of P1.80 per liter; while diesel has a total net increase of P2.30 per liter.
Prevailing prices of petroleum products at the National Capital Region for January 7 to 13, 2025 showed that gasoline prices range from P51.65 to P75.62 per liter, diesel from P49 to P72. 20 per liter and kerosene from P70.91 to P82.20 per liter. Pump prices vary depending on the product, location and market forces.
