The country’s oil firms implemented an oil price hike of P0.80 per liter for gasoline and diesel and P0.10 per liter for kerosene effective 6am Tuesday, February 18, to reflect the volatility of world oil prices last week.
Seaoil Philippines, PetroGazz, PTT Petroleum and Cleanfuel issued separate advisories of the latest oil price movement due to the worsening Middle East tensions and US sanctions.
DOE Oil Industry Management Bureau (OIMB) director Rodela Romero said last week 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 increase in domestic pump prices are driven “by the increasing Middle East tensions and the intensifying sanctions of US to Iran and Russia.”
Jetti Petroleum president Leo Bellas said last week that 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.
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.