Gasoline, kerosene up P1.20/liter; diesel up P1.70/liter
Local fuel retailers said they have decided to raise their oil product prices effective from today, Tuesday, due to an expected increase in global crude oil demand.
Retailers have set their gasoline and kerosene prices higher by P1.20 per liter, and diesel prices higher by P1.70 per liter.
The new prices reversed the price rollback over the past two consecutive weeks, which had reduced the prices of gasoline by P0.85/liter, diesel by P1.55/liter, and kerosene by P2.15/liter.
An independent retailer said global crude prices went up after the United States and China agreed to temporarily lower their reciprocal tariffs. This de-escalated the global trade war and raised optimism for increased fuel demand.
For today’s price hikes, Seaoil and Caltex have increased their per-liter prices of gasoline and kerosene by P1.20 and diesel by P1.70.
Meanwhile, Clean Fuel and Jetti imposed similar price adjustments for gasoline and diesel, but these companies do not sell kerosene products.
Seaoil and Jetti’s adjustments will take effect from 6 am onward; Caltex from 6:01 am, and Clean Fuel from 4:01 pm.
As of May 6, the Department of Energy (DOE) has recorded a total net increase in the year-to-date of P3.10 per liter for gasoline and P3 for diesel, and a net decrease of P1.10 per liter for kerosene.
As of May 13, the latest available monitoring from the DOE had prices per liter in the National Capital Region at P51.85 for gasoline (RON91), P49.75 for diesel, and P67.50 for kerosene.
Leo Bellas, president of Jetti Petroleum Inc., told reporters that this week’s price hikes were also driven by strong demand for fuel products following declines in American gasoline and diesel inventories ahead of the
summer driving season.
The Jetti executive said that the price hikes could have been even bigger if not for other factors, which indicated additional available global crude supply.
The potentially bigger price increases were only offset by expectations of a possible US-Iran nuclear deal, and also by an unexpected build-up in US crude stockpiles, which triggered some concerns over an oversupply, he said.
Rodela Romero, DOE’s Oil Industry Management Bureau director, observed that this week’s price movements were also affected by developments within the Organization of the Petroleum Exporting Countries (OPEC) and its allies.
“OPEC expects slower 2025 oil supply growth and lower capital spending following a decline in il prices,” Romero said.
