The country’s oil companies will implement an increase of up to P0.70 per liter effective 6 a.m. Tuesday to reflect higher global oil prices.
Separate advisories showed that gasoline prices will go up by P0.70 per liter, diesel by P0.50, and kerosene by P0.30. Seaoil Philippines, Jetti Petroleum, and Cleanfuel were the first to announce adjustments, with other firms expected to follow.
“These adjustments reflect the movement in refined fuel prices, freight, and market premiums in the international market,” Jetti Petroleum said in its advisory.
Jetti president Leo Bellas said geopolitical tensions, particularly uncertainty over the Ukraine-Russia peace talks, have raised prices amid concerns that tighter Western sanctions could disrupt supply. Elevated freight and premium levels, as well as demand optimism from falling U.S. crude inventories, also contributed.
Energy official Rodela Romero said world oil prices rose last week due to stronger refinery demand and the ongoing Iran-Israel conflict. On Aug. 19, firms implemented a mixed adjustment, with gasoline rising by P0.60 while diesel and kerosene prices rolled back by P0.80 to P0.90 per liter.
