Local fuel retailer Jetti Petroleum has warned that another significant increase in pump prices for gasoline and diesel is set to take place this week. Speaking on Sunday, company president Leo Bellas estimated gasoline could rise by between P6.50 and P7.00 per liter, while diesel costs may climb by P7.00 to P7.50 per liter. He noted these projected adjustments take into account global market movements over the last five trading days, average foreign exchange rates, cargo premium changes, and ongoing recovery trends in the local oil sector.
Bellas cited supply disruptions stemming from conflicts in Iran and Ukraine as the primary driver of the upward trend, saying these issues have limited immediate oil availability and raised the risk of delayed crude deliveries to Asian refineries. This has kept diesel and related middle distillate prices high as refinery output recovers only slowly and product supplies remain tight. Gasoline costs have also surged due to strong demand during the peak summer season coinciding with limited supply, which has put pressure on regional fuel stockpiles across Asia. While crude prices dipped slightly on Friday following news of renewed diplomatic efforts between the United States and Iran, benchmark Singapore market rates for both gasoline and diesel ended the week higher. Bellas did not share any projected adjustments for kerosene.
The expected increases follow a round of broad price hikes implemented last week, which saw gasoline go up by P3.65 per liter, diesel by P10.68 per liter, and kerosene by P11.77 per liter. Department of Energy records show that between July 14 and 20 this year, prices in Metro Manila average P72.00 per liter for regular gasoline, P77.90 for diesel, and P108.90 for kerosene. Current rates mark a sharp jump from levels recorded before tensions in the Middle East began affecting markets, when average prices in late February and early March were pegged at P53.00, P60.79, and P84.67 per liter respectively for the same fuels.
