Motorists should brace for another round of fuel price hikes this week, with increases expected across all petroleum products starting Tuesday.
According to Jetti Petroleum Inc., gasoline prices may go up by ₱0.20 per liter, while diesel could increase by ₱0.80 to ₱1 per liter. The company said the adjustments are due to higher global prices of refined fuel products, driven by tight diesel supply and ongoing refinery maintenance in Asia.
Jetti president Leo Bellas explained that despite lower crude oil prices, diesel costs remain high because of reduced exports from Northeast Asia and Western sanctions on Russia, one of the world’s main diesel suppliers. Gasoline prices, he added, are also being affected by supply uncertainties following new U.S. sanctions on Russian oil firms Rosneft and Lukoil, as well as refinery shutdowns in the region.
The Department of Energy (DOE) confirmed the trend, with Oil Industry Management Bureau director Rodela Romero projecting that kerosene prices will rise by around ₱0.35 per liter. She noted, however, that prices could ease in the long term if oil-producing countries increase output.
Last week, fuel firms already raised pump prices by ₱1.70 per liter for gasoline, ₱2.70 for diesel, and ₱2.10 for kerosene. So far this year, prices have risen by a total of ₱18.20 per liter for gasoline, ₱21.85 for diesel, and ₱8.65 for kerosene.
As of early November, DOE data show pump prices in Metro Manila averaging ₱52.15 per liter for regular gasoline, ₱62 for diesel, and ₱79.40 for kerosene.
