Motorists and businesses should brace for another round of fuel price increases this Tuesday, with Jetti Petroleum Inc. projecting hikes of P0.60 to P0.80 per liter for gasoline and P0.30 to P0.50 per liter for diesel. Kerosene is also expected to rise by around P0.10 per liter, according to the Department of Energy (DOE).
The impending increases are attributed to tightened Western sanctions on Russia, which are expected to disrupt global oil supply flows, said Leo Bellas, president of Jetti Petroleum. He also pointed to elevated freight costs, lingering geopolitical tensions, and increased demand during the summer travel season as driving up global crude prices.
The DOE’s Oil Industry Management Bureau director Rodela Romero added that unresolved conflicts such as the Iran-Israel dispute are contributing to the sustained volatility in oil prices.
While the increase could have been higher, hopes for a potential peace deal between Russia and Ukraine helped moderate the surge, according to Jetti.
For households and especially daily commuters, the impact is significant. The year-to-date net price hikes have now reached P11.40/liter for gasoline, P11.95/liter for diesel, and P1.75/liter for kerosene. From 12–18 August, fuel prices in Metro Manila averaged P54.90 for RON 91 gasoline, P56.40 for diesel, and P73.60 for kerosene, based on DOE data.
These developments are expected to further strain transport costs, utility expenses, and household budgets.
