Motorists are facing higher fuel pump costs starting Tuesday, with gasoline prices set to rise by P0.60 to P0.80 a liter and diesel by P0.30 to P0.50, Jetti Petroleum Inc. said over the weekend.
Jetti president Leo Bellas said the increase stems from the ripple effects of tighter US sanctions on Russia, raising fears of supply disruptions.
Freight costs remain high, while geopolitical flashpoints — from the Iran-Israel conflict to the war in Ukraine — continue to unsettle energy markets.
“Demand optimism has also lifted sentiment following a large drop in US crude and gasoline inventories,” Bellas said. “The hike could have been larger if not for hopes that a peace deal between Ukraine and Russia is still possible.”
The Department of Energy said kerosene may also go up by about P0.10 per liter, though final adjustments hinge on full five-day global trading data.
DOE Oil Industry Management Bureau director Rodela Romero warned that the Middle East conflict adds to the volatility, weighing on prices.
Last week, fuel firms imposed mixed adjustments — with gasoline up P0.60, diesel and kerosene down by P0.80 and P0.90, respectively.
Year-to-date prices, however, remain sharply higher: up P11.40 per liter for gasoline, P11.95 for diesel, and P1.75 for kerosene.
As of August 12–18, average pump prices in Metro Manila stood at P54.90 for RON 91 gasoline, P56.40 for diesel and P73.60 for kerosene, DOE data showed.
