Consumers can expect another round of oil price increases next week by as much as P0.90 per liter amid improving global oil demand.
Jetti Petroleum president Leo Bellas said that based on the first four days of Mean of Platts Singapore (MOPS), the benchmark pricing used by oil importers and in foreign exchange movement, gasoline will likely go up by P0.70 to P0.90 per liter and gasoline by P0.30 to P0.50 per liter.
“Oil prices have increased this week on signs of improving demand. The positive oil demand outlook in the second half of 2025, the prospect of easing of trade tensions, and the risk to supply in the Middle East following attacks in the oilfields in Iraq have further supported the market,” Bellas said.
He said oil prices jumped significantly early this week due to concerns that direct sanctions on Russia could disrupt crude oil flows.
“However, the milder stance by the US on sanctions over Russian oil has eased the fears of a supply crunch,” Bellas said.
He added that while the actual difference in the week-on-week MOPS averages of diesel is actually minimal and a negative on gasoline, the depreciation of the peso versus the US dollar this week is one of the main factors for the larger potential hike in domestic prices next week.
“Furthermore, the freight and premium levels remain elevated due to lingering tensions in the Middle East, particularly the Red Sea attacks on ships,” he said.
But Department of Energy oil industry management bureau director Rodela Romero expects pump prices to increase “by more or less P0.50 per liter.”
She said two factors contributed to the estimated adjustments, namely: speculation that Trump’s tariff policies will slow global economic growth and energy demand and the unchanged forecast of the Organization of the Petroleum Exporting Countries for global oil demand growth in 2025 and 2026 due to a robust economy.
On July 15, 2025, the oil firms raised the price of gasoline by P0.70 per liter, diesel by P1.40 per liter and kerosene by P0.80 per liter.
Editor’s Note: This is an updated article. Originally posted with the headline “Fuel prices to rise by P0.90/l next week”
