Oil firms implemented an oil price hike of as much as P1.10 per liter effective 6 a.m. Tuesday to reflect movements in the world oil market.
The oil firms raised the price of diesel by P0.70 per liter, kerosene by P0.40 per liter, and gasoline by P1.10 per liter, marking the second consecutive week of oil price increases.
Seaoil Philippines, Jetti Petroleum, PTT Philippines, and Cleanfuel announced their respective oil price hikes, while other oil companies are expected to follow.
Jetti Petroleum president Leo Bellas said last week that domestic pump prices would likely go up amid improving global demand.
“The positive oil demand outlook in the second half of 2025, the prospect of easing 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 noted that 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 added.
He said that while the actual week-on-week difference in the Mean of Platts Singapore averages for diesel is minimal—and even negative for gasoline—the depreciation of the peso versus the US dollar this week is one of the main factors behind the larger potential hike in domestic prices next week.
“Furthermore, the freight and premium levels have remained elevated due to lingering tensions in the Middle East, particularly the Red Sea attacks on ships,” he said.
Department of Energy Oil Industry Management Bureau Director Rodela Romero said two factors contributed to the estimated adjustments: 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, 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.
