The country’s oil firms will increase the price of gasoline and diesel by P0.40 and P0.30 per liter, respectively, starting 6 a.m. Tuesday, reflecting higher prices in the global oil market.
However, kerosene prices will be rolled back by P0.10 per liter, based on separate advisories issued by Seaoil Philippines, Jetti Petroleum, Chevron Philippines, and PTT Philippines.
The Department of Energy (DOE) earlier forecasted a mixed movement in pump prices, citing continued volatility in global supply and demand. DOE Oil Industry Management Bureau Director Rodela Romero said potential new U.S. sanctions on Russia were a major upward pressure, despite OPEC+ plans to increase production.
Rising geopolitical tensions and concerns over U.S.-EU trade policy also contributed to higher prices. However, mitigating factors included an anticipated global supply boost and weakened demand in parts of Asia.
Jetti Petroleum President Leo Bellas noted that while supply fears have eased due to ongoing OPEC+ talks and seasonal refinery activity, concerns remain over U.S. sanctions and declining stockpiles. Year-to-date, gasoline is up by P4.10 per liter, diesel by P3.60, while kerosene has dropped by P2.45 per liter.
