The country’s oil firms will raise the price of diesel by P1 per liter, and gasoline and kerosene by P0.70 per liter each, effective 6 a.m. Tuesday, to reflect movements in the world oil market.
This marks the second consecutive week of increases for diesel and kerosene, and the third straight week for gasoline. Seaoil Philippines, Cleanfuel, Jetti Petroleum, Chevron Philippines, and PTT Philippines issued separate advisories on the latest price adjustment.
Meanwhile, Petron Corp. raised the price of liquefied petroleum gas (LPG) by P0.20 per kilogram effective 12:01 a.m. September 1, citing the higher contract price of LPG for the month.
Jetti Petroleum said the adjustments reflect changes in refined fuel product prices, freight, and market premiums in the international market. Company president Leo Bellas noted that crude oil and refined fuel prices have risen due to supply concerns from the Russia-Ukraine conflict and new U.S. sanctions on Russian crude buyers.
He added that while optimism from potential U.S. interest rate cuts and inventory drawdowns has supported prices, demand could soften after the summer driving season. Rising supply from OPEC+ output increases and new U.S. tariffs on India have also added uncertainty to global markets.
Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau, said traders are closely monitoring U.S.-Ukraine-Russia diplomatic developments. Prior to Tuesday’s hike, the year-to-date net increase stood at P12.10 per liter for gasoline, P12.45 per liter for diesel, and P2.05 per liter for kerosene.
