Petroleum retailers on Monday raised fuel prices across the board, with gasoline increasing by P1.10 per liter and both diesel and kerosene rising by P0.40 per liter. This adjustment follows a three-week period of consecutive rollbacks that saw gasoline drop by P2.60, diesel by P2.50, and kerosene by P3.
The latest increase in fuel prices is attributed to heightened geopolitical tension in the Middle East, which have escalated global risk premiums and raised concern over oil supply sustainability. Additionally, China’s economic stimulus efforts contributed to an expected rise in global fuel demand.
Local retailers Seaoil and Caltex implement the price hikes beginning Tuesday Jetti, PTT, and Clean Fuel have followed suit with similar adjustments for gasoline and diesel. However, kerosene is not being sold by some retailers, including Jetti.
Latest data from the Department of Energy (DOE) shows the price per liter in Manila as P55.50 for gasoline (RON91), P53.70 for diesel, and P70.67 for kerosene. Year-to-date, gasoline and diesel have seen a net increase of P2.15 and P2.85 per liter, respectively, while kerosene decreased by P0.70.
Industry experts also point to factors such as the strong US dollar and US fuel inventory drawdowns have tempered further price increases despite rising global demand.
