Motorists are bracing for another round of pump price hikes as local oil companies raise the cost of both gasoline and diesel by ₱1.20 per liter. The increase will take effect Tuesday at 6:00 a.m., based on announcements from Seaoil, Jetti, and PTT. Kerosene prices, however, remain unchanged due to the ongoing nationwide price freeze under Proclamation No. 1077, which placed the country under a state of calamity.
Jetti Petroleum president Leo Bellas explained that the latest price jump is mainly driven by global supply constraints. Refineries abroad are undergoing maintenance shutdowns, limiting the production of fuel products. Concerns over Western sanctions on Russian oil are also adding pressure, as traders anticipate possible disruptions in global supply flows. Bellas noted that gasoline prices are further supported by firm regional demand, shrinking inventories, and reduced exports from major Asian producers dealing with refinery outages and scheduled maintenance.
Despite these factors, Bellas said additional price increases may be limited in the coming weeks. As refineries complete their seasonal turnaround and return to normal operations, supply tightness is expected to ease, potentially preventing steep upward swings.
The latest increase follows last week’s adjustments of ₱0.50 per liter for gasoline and ₱1 per liter for diesel. With today’s movement, year-to-date price increases now stand at ₱19.90 per liter for gasoline, ₱24.05 per liter for diesel, and ₱8.65 per liter for kerosene.
For the monitoring period of November 11 to 17, the Department of Energy reported pump prices in Metro Manila averaging ₱56.50 per liter for RON 91 gasoline, ₱58.75 per liter for diesel, and ₱79.40 per liter for kerosene.
