Fuel prices are set to rise sharply this week, with Jetti Petroleum Corp. announcing a one-time increase starting Tuesday. Gasoline prices will go up by ₱8 per liter, while diesel will increase by ₱18 per liter. The company said it can no longer spread adjustments over several days and will implement the hike all at once.
The Department of Energy (DOE) has urged oil companies to stagger price increases to lessen the impact on consumers. However, Energy Secretary Sharon Garin said this is not required, noting that some firms need steady cash flow to maintain fuel supply.
Earlier estimates from the DOE suggested smaller increases, with gasoline expected to rise by ₱6.47 per liter, diesel by ₱11.88, and kerosene by ₱13.66.
Despite the price hikes, the DOE said fuel supply remains sufficient until early May. Recent deliveries include 200,000 barrels last week, with 300,000 more already secured and another 500,000 barrels under negotiation. Officials said the additional one million barrels would cover about five days of national demand.
Garin warned that supply shortages would be a bigger concern than rising prices, as this could lead to fuel rationing.
Meanwhile, the Philippine Stock Exchange said the local market remains stable despite global fuel price pressures. PSE chief operating officer Roel Refran said the market continues to operate normally and shows resilience amid geopolitical risks, with safeguards being developed to manage future shocks.
