Retail pump prices surged by over P1 per liter this week, marking the second straight week of hikes, as geopolitical and market dynamics tighten global supply.
Starting Tuesday, June 18, major and independent fuel retailers—including Seaoil, Caltex, PTT, Clean Fuel, and Jetti—will implement sharp increases: P1.80 per liter for gasoline and diesel, and P1.50 per liter for kerosene (for retailers offering the latter).
This move follows retaliatory missile exchanges between Israel and Iran, which have rattled global markets and pushed up crude oil benchmarks. Independent retailer sources confirm the conflict was a key driver of the latest price surge.
Implications for motorists and the public are significant, with pump prices in Metro Manila now hovering around P52.20/liter for gasoline, P53.65 for diesel, and P68.42 for kerosene, based on DOE’s June 3 monitoring.
Year-to-date, the cumulative net increase has reached P6.90/liter for gasoline and P6.65/liter for diesel, though kerosene remains down P0.75/liter.
Industry leaders cited additional price drivers: optimism in U.S.-China trade relations, falling U.S. crude inventories, limited Chinese fuel exports due to refinery maintenance, and strong seasonal demand.
DOE Oil Industry Management Bureau director Rodela Romero also pointed to OPEC’s long-term demand outlook, forecasting sustained global fuel demand growth over the next 25 years.
With fuel cost volatility on the rise, consumers and transport operators are bracing for tighter budgets, especially amid back-to-back weekly hikes totaling P2.40/liter for gasoline, P2.75/liter for diesel, and P1.80/liter for kerosene.
