The Department of Energy (DOE) expects pump prices to go up next week by as much as P0.75 per liter due to the worsening Middle East tensions and US sanctions.
DOE director Rodela Romero said the price of gasoline is projected to increase by P0.45 to P0.75 per liter, diesel by P0.30 to P0.60 per liter and kerosene by P0.15 to P0.30 per liter.
Romero said the oil gains for this week in the international oil market is driven “by the increasing Middle East tensions and the intensifying sanctions of US to Iran and Russia.”
She said the final price adjustments will be determined after the last trading day in the Mean of Platts Singapore (MOPS), the benchmark for oil importers.
Jetti Petroleum president Leo Bellas forecasted a slightly higher increase next week based on the first four days of MOPS and foreign exchange average versus last week’s full week average:
Bellas said gasoline may go up by P0.65 to P0.85 per liter while diesel will increase by P0.55 to P0.75 per liter.
“Concerns over Russian and Iranian oil supplies due to US sanctions and rising Middle East tensions have been pushing oil prices up,” he said.
He said diesel and gasoline price benchmarks are supported by expectations of tightening regional availability due to reduced exports from some of the region’s largest suppliers, and the approach of the Spring refinery maintenance season.
“Further upside to oil prices capped by expectations that a potential Ukraine-Russia peace deal may ease supply disruptions, and concerns that the threats of additional tariffs against US trade partners may reduce economic growth and oil demand. A build in US crude oil inventories also weighed on prices,” the oil executive said.
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.
The DOE said this is the fourth price adjustment for 2025.
Gasoline has a total net increase of P2.65 per liter so as diesel of P4.80 per liter while kerosene has a total net increase of P3.80 per liter.
Prevailing retail prices of petroleum products for the National Capital Region as of Feb. 4 to 10 showed that gasoline sells from P52 to P77.97 per liter, diesel from P51 to P74.70 per liter and kerosene from P72.84. to P84.10 per liter.
Pump prices vary depending on the brand, location and market forces.
