The various fuel retailers will implement price hikes starting Tuesday, October 8, with gasoline and kerosene prices increasing by P0.20 per liter, and diesel by P0.80 per liter. The adjustments will take effect at 6:00 a.m. for Seaoil, Jetti, and PTT, and at 6:01 a.m. for Caltex.
This development counters earlier forecasts from fuel companies which anticipated a rollback in gasoline prices. According to Jetti Petroleum Inc. president Leo Bellas, the unexpected increase was driven by a higher premium component in global pricing due to ongoing geopolitical tensions.
Bellas explained that global oil price movements remain volatile. The adjustments were influenced by the Organization of the Petroleum Exporting Countries (OPEC) and its allies’ decision to increase oil production, as well as the continued depreciation of the Philippine peso against the US dollar.
He added that despite bearish market sentiment, Asian diesel fundamentals remain strong. This is due to regional supply shifting to Western markets, driven by refinery maintenance in the US and Europe, peak harvest season demand, and Russia’s partial ban on diesel exports, all of which heighten the risk of supply shortages.
He also said that crude prices could stay unpredictable, especially with the potential for tighter sanctions affecting Russian crude exports, along with China’s continued stockpiling, which may limit downward pressure on prices.
Last week, fuel companies implemented mixed price adjustments, with diesel and kerosene rising by P0.90 per liter, while gasoline saw a P0.20 per liter decrease.
With the latest adjustments, year-to-date net increases in fuel prices now stand at P14.90 per liter for gasoline, P17.85 for diesel, and P5.65 for kerosene.
Based on Department of Energy data covering the period from September 30 to October 6, pump prices in Metro Manila averaged P53.80 per liter for RON 91 gasoline, P57.80 for diesel, and P77.11 for kerosene.
