The country’s oil firms implemented a mixed movement in the prices of petroleum products effective 6am Tuesday with gasoline increasing by P0.70 per liter while while diesel and kerosene will have a rollback of P1.15 and P0.90 per liter, respectively.
Seaoil Philippines, Jetti Petroleum, Cleanfuel, PetroGazz, and PTT Philippines issued separate advisories of the latest movement in domestic pump prices.
This followed the increase in liquefied petroleum gas (LPG) or cooking gas prices of P0.70 to P0.73 per kilo equivalent to P7.70 to P8.03 per 11-kilo tank used by households effective Feb. 1, to reflect the higher international contract price of LPG for the month of February.
Department of Energy Oil Industry Management Bureau (OIMB) director Rodela Romero attributed the mixed oil price movement to US President Donald Trump’s call for lower oil prices and higher output in the US and other major suppliers including the Organization of the Petroleum Exporting Countries (OPEC), build up of US inventory; and uncertainty over potential US tariffs on Canada and Mexico.
“But the OPEC+ Joint Ministerial Monitoring Committee that oversees the group’s crude production agreement will meet this February 3 to look into the oil market situation again,” Romero said last week.
Jetti Petroleum president Leo Bellas said the primary drivers of the mixed price movement includes worries that the tariffs proposed by US President Trump could further pressure economic growth and energy demand, higher diesel export volumes from India and China weighed on prices and seasonal boost in demand over the peak Lunar New Year travel supported the gasoline price benchmarks.
On Jan. 28, 2025, the oil companies implemented a rollback of P0.80 per liter for gasoline, P0.20 per liter for diesel and P0.50 per liter for kerosene.
DOE said gasoline has a total net increase of P2.65 per liter, diesel of P4.80 per liter and kerosene of P3.80 per liter to date.
