Fuel prices have risen for the second week in a row, signaling ongoing pressure from tightening global oil supplies and increasing demand.
Several local fuel retailers, including Seaoil, Caltex, Clean Fuel, and Jetti, raised their prices by P0.80 per liter for gasoline and kerosene, and P0.90 per liter for diesel. These adjustments, which take effect Tuesday, are in response to global market conditions driven by factors like rising demand and supply concerns.
According to the Department of Energy (DOE), as of 7 January, the average price in Metro Manila stood at P58 per liter for gasoline (RON91), P57.65 for diesel, and P71.95 for kerosene. The data also shows that 2024 has seen a net increase of P12.75 per liter for gasoline and P11 per liter for diesel, though kerosene prices have decreased by P2.70 per liter over the same period.
Leo Bellas, president of Jetti Petroleum, highlighted the uncertainty surrounding global supply chains, noting that Western sanctions on Russia and Iran could further restrict supply. “There are also expectations that China’s economy, bolstered by fiscal stimulus, could see increased demand for oil,” Bellas said. As the world’s largest importer of petroleum, China plays a significant role in influencing global oil trends.
Additionally, harsh winter conditions in the U.S. and Europe have led to an uptick in fuel demand, further driving the recent price hikes.
These developments underscore the volatile nature of global oil markets and their direct impact on everyday fuel costs, a concern that will continue to affect motorists in the weeks ahead.
