THE country’s oil firms implemented a big time oil price hike of as much as P1.40 per liter effective 6am today to reflect the movement of prices in the world oil market.
The oil firms implemented an increase of P1.40 per liter for diesel, P0.80 per liter for kerosene and P0.70 per liter for gasoline.
Seaoil Philippines, Jetti Petroleum, and Cleanfuel Philippines issued separate advisories of the latest oil price movement, follow-ing two weeks of consecutive oil price rollback.
“The adjustments reflect the movement of prices of refined fuel products, freight and market premiums in the international market,”Jetti said in its advisory.
Rival Caltex Philippines said it will increase its gasoline prices by P0.35 per liter, diesel by P0.70 per liter and Kerosene by P0.50 per liter.
DOE Oil Industry Management Bureau (OIMB) director Rodela Romero said last week the higher fuel prices can be attributed to several developments in the world oil market such as forecasts of less US oil production and anticipation of strong US gasoline demand data.
Romero said the renewed Houthi attacks on shipping vessels in the Red Sea also pushed up prices.
Jetti Petroleum president Leo Bellas said prices of crude oil and refined fuel products increased last week on signs of strong de-mand, which more than offset the impact of the additional supply following the Organization of Petroleum Exporting Countries and its allies’ decision to further unwind production cuts in August.
He said the forecast of less US oil production OPEC+ supply and renewed Houthi attacks on shipping in the Red Sea also sup-ported prices.
Bellas said the bearish outlook on oil demand due to the potential adverse impact of US tariffs on global economic growth have also weighed on prices.
On July 8, 2025, the oil firms cut the price of gasoline by P0.70 per liter, diesel by P0.10 per liter and kerosene by P0.80 per liter.
