Starting Tuesday morning, the various fuel retailers will implement significant price increases, with diesel rising by P1.00 per liter, and both gasoline and kerosene climbing by P0.70 per liter.
The adjustments will take effect as early as 6:00 a.m. for Seaoil, PTT, and Jetti, and at 6:01 a.m. for Caltex, according to company announcements. Note that PTT and Jetti do not offer kerosene products.
Jetti Petroleum Inc. president Leo Bellas attributed the hike to fears over disruptions in global crude supply, driven by ongoing Russia-Ukraine tensions and new U.S. sanctions. He also cited demand optimism from possible U.S. interest rate cuts and significant drawdowns in U.S. fuel inventories. However, Bellas added that potential declines in American fuel demand post-summer and expected output increases from OPEC+ countries helped temper what could have been a larger price surge.
The latest increases follow last week’s mixed movements, where gasoline rose by P0.60 per liter, while diesel and kerosene dropped by P0.80 and P0.90 per liter, respectively.
Year-to-date, pump prices have surged by P12.80 for gasoline, P13.45 for diesel, and P2.75 for kerosene, placing pressure on both household budgets and business operations, especially in transport and logistics.
As of late August, the Department of Energy reported Metro Manila fuel prices averaging P55.70/liter for RON 91 gasoline, P52.90/liter for diesel, and P73/liter for kerosene.
