The various fuel retailers are rolling out mixed price adjustments for petroleum products starting Tuesday, with a modest increase in gasoline prices offset by cuts for diesel and kerosene.
Gasoline prices will go up by ₱0.10 per liter, while diesel and kerosene will drop by ₱0.20 and ₱0.40 per liter, respectively, according to separate announcements from major oil firms.
Caltex and Seaoil confirmed the implementation of these adjustments, with Seaoil and Jetti scheduled to update pump prices at 6:00 a.m., and Caltex following at 6:01 a.m. Jetti Petroleum will mirror the gasoline and diesel changes but does not retail kerosene.
The changes come amid erratic global crude price trends. Jetti Petroleum president Leo Bellas cited a mix of factors influencing oil prices, including “weak economic indicators from the U.S. and China” and “geopolitical tension stemming from Israel’s reported preparations for missile strikes against Iranian nuclear sites.” Bellas added that price benchmarks had recently softened due to a surprise rise in U.S. fuel inventories and speculation around potential OPEC production increases by July.
Department of Energy (DOE) Oil Industry Management Bureau director Rodela Romero echoed these assessments, noting that OPEC’s optimism on global oil demand continues to shape its production strategy despite global economic uncertainties.
As of May 20, year-to-date price movements show a ₱4.00/liter net increase for gasoline, ₱3.80 for diesel, and a ₱2.05 net decrease for kerosene. Average pump prices in Metro Manila stood at ₱52.50 for gasoline (RON91), ₱54.15 for diesel, and ₱68.92 for kerosene, based on DOE’s latest monitoring.
