Motorists and transport operators brace for another round of fuel price hikes on Tuesday, with diesel expected to rise by as much as P1.20 per liter and gasoline by up to P0.50 per liter, according to Jetti Petroleum Inc.
Company president Leo Bellas attributed the upcoming adjustments to the weaker peso against the US dollar and persistently high freight and premium costs stemming from continued tensions in the Red Sea. He noted that while global diesel prices slightly softened last week, currency depreciation is driving the steeper local adjustments.
This latest increase follows last week’s price upticks, where most local fuel firms raised prices by P0.70 for gasoline, P1.40 for diesel, and P0.80 for kerosene. Caltex, the sole retailer with twice-weekly price revisions, posted a combined P1.05/liter increase for diesel over two days.
As of 15 July, Department of Energy data show fuel prices have risen P11.35/liter for diesel and P9/liter for gasoline year-to-date. In Metro Manila, pump prices average P54.60 for diesel and P53.10 for RON 91 gasoline.
The upcoming adjustment adds pressure to the transport sector, which is already grappling with surging fuel costs, raising concerns over possible fare hike petitions and inflationary effects in the coming weeks.
