Oil firms are expected to implement a major price hike of up to ₱1.40 per liter starting 6 a.m. Tuesday amid continuing volatility in global oil markets.
Seaoil Philippines, Jetti Petroleum, PTT Philippines, Cleanfuel, and Chevron Philippines raised diesel prices by ₱1.40 per liter, gasoline by ₱1, and kerosene by ₱0.70. Other firms are expected to follow.
The Department of Energy said limited production increases by OPEC+, renewed escalation of the Russia–Ukraine conflict, and U.S. sanctions on Iranian oil shipments are driving up global prices. DOE added that it continues to monitor movements closely while urging motorists to adopt fuel-saving practices.
This marks the third straight week of increases for diesel and kerosene, and the fourth for gasoline. Jetti Petroleum president Leo Bellas noted that supply disruptions from Russia and fresh U.S. sanctions on Iran are fueling worries of tighter supply, adding to upward price pressure.
