The Department of Energy expects another big-time oil price hike of more than P1 per liter next week to reflect the movement of prices in the world oil market.
This developed after two weeks of consecutive oil price rollback.
DOE Oil Industry Management Bureau (OIMB) director Rodela Romero said that this is based on the movement of the 4-day trading in Mean of Platts Singapore (MOPS).
Romero estimates that gasoline will increase by more or less than P0.50 per liter, diesel, more or less by P1 per liter and kerosene more or less by P1 per liter.
She said the adjustments 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.
“Final adjustments will be determined after Friday MOPS trading and other related costs,” she said.
Jetti Petroleum president Leo Bellas estimates diesel prices to go up by P1.30 to P1.50 per liter and gasoline by P0.60 to P0.80 per liter.
“Prices of crude oil and refined fuel products have increased this week on signs of strong demand, which more than offset the impact of the additional supply following OPEC+’s decision to further unwind production cuts in August. Forecast of less US oil production OPEC+ supply and renewed Houthi attacks on shipping in the Red Sea also supported prices,” Bellas said.
He 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.
