Motorists will face higher pump prices across all fuel products starting Tuesday, with gasoline set to rise by P1.70 to P1.90 per liter and diesel by P1 to P1.20 per liter, based on global trading results late last week.
Jetti Petroleum President Leo Bellas said the impending upward adjustments are driven by market reactions to geopolitical and economic developments — particularly the evolving trade deal between the United States and the European Union, and continued volatility linked to Russia-related sanctions.
“Diesel prices continued to strengthen week-on-week as supply tightened,” Bellas explained, citing a sharper-than-expected drawdown in US gasoline inventories, which reinforced the outlook for strong summer driving demand.
He added that the Philippine peso’s depreciation against the US dollar has also added pressure to local fuel costs.
“Tariff threats, delays in interest rate cuts by the US Federal Reserve and ongoing uncertainty around countries still negotiating trade terms with the US have all weighed on global crude prices,” Bellas said.
Before this week’s hike, local oil firms implemented mixed price adjustments last week: a P0.10 per liter rollback for gasoline and increases of P0.60 for diesel and P0.40 for kerosene.
So far this year, pump prices have risen by P9.30 per liter for gasoline, P13.05 for diesel and P2.95 for kerosene.
Department of Energy data for July 22 to 28 showed average per-liter prices in Metro Manila at P53.50 for RON 91 gasoline, P53.10 for diesel and P75.11 for kerosene.
