Fuel prices are poised to climb higher this week, just a week after seeing a short-lived rollback, according to a local industry leader. Leo Bellas, president of Jetti Petroleum, confirmed the expected increases Sunday, saying gasoline will likely go up by P1.80 to P2 per liter, while diesel will rise by P1 to P1.20 per liter. He said the diesel hike would have been steeper had global trading costs not softened following a decision by G7 nations and partners to release emergency oil and diesel reserves over the next four months, a move that reduced chances of United States export restrictions on the fuel.
Tight global supplies continue to push gasoline costs upward even as Asian prices eased, Bellas explained, with strong demand, brisk exports, regional refinery disruptions, and China’s curbs on fuel exports keeping markets constrained. He described this week’s pricing environment as driven by conflicting forces: tensions rose after reports of another U.S. aircraft carrier heading toward the Gulf, unclear U.S.-Iran relations, China’s refined product export limits, questions over U.S. diesel export rules, and Russia extending its diesel export ban through the end of October, all of which countered easing concerns from improved Middle East oil shipments. Bellas did not share projections for kerosene prices.
Last week, the Department of Energy approved price cuts of P0.24 per liter for gasoline, P7.57 for diesel, and P5.85 for kerosene. Current Department of Energy data covering September 29 to October 5 shows pump prices in Metro Manila averaging P87.20 per liter for regular gasoline, P95.70 for diesel, and P125 for kerosene—markedly higher than rates recorded before the onset of conflict in the Middle East, when figures from late February showed regular gasoline at P53, diesel at P60.79, and kerosene at P84.67 per liter.
The renewed increase comes as families, commuters, and small businesses already facing rising daily expenses confront heavier financial burdens. Senate President Sherwin Gatchalian emphasized the strain in a separate statement Sunday, calling for quick passage of his proposed GINHAWA Act, or Granting Increase in Take-Home Pay for All Working Filipinos Act. He said the latest price hike erodes Filipinos’ purchasing power further, adding to the load of those struggling to make ends meet. The measure would raise the annual income tax exemption threshold from P250,000 to P400,000 and lift the cap on tax-free bonuses from P90,000 to P150,000, putting more net pay in workers’ pockets to help meet higher costs of living.
