Retail fuel prices are set to rise again this week, with gasoline expected to climb by between P0.50 and P0.70 per liter and diesel by P0.80 to P1 per liter, Jetti Petroleum Inc said over the weekend.
Kerosene is likewise projected to rise by about P0.50 per liter, based on Department of Energy (DOE) monitoring.
Jetti president Leo Bellas said the projected increases reflect the five-day trading average of global crude last week, the benchmark used for weekly price adjustments. He cited fears of supply disruption from the escalating war in Ukraine and new US sanctions targeting Russian crude buyers.
“Demand optimism further supported prices following signals from the US Federal Reserve of possible interest rate cuts, and a large drawdown in US crude and fuel inventories,” Bellas said.
The price hike “could have been higher if not for fears cited by traders of a possible drop in American fuel demand after the summer driving season,” he said.
He also pointed to plans by OPEC and its allies to raise output in September and withdraw voluntary cuts, and uncertainty over the impact of new US tariffs on India.
Rodela Romero, director of the DOE’s Oil Industry Management Bureau, said kerosene may increase by about P0.50 per liter, though the final adjustment will only be clear after the full five-day trading average. She agreed with the global supply-demand pressures identified by Jetti.
Fuel companies already raised prices last week by P0.70 per liter for gasoline, P0.50 for diesel, and P0.30 for kerosene. Year-to-date, pump prices have increased by P12.10 for gasoline, P12.45 for diesel, and P2.05 for kerosene.
DOE data showed that for August 19 to 25, average pump prices in Metro Manila were P55.50 per liter for RON 91 gasoline, P52.40 for diesel and P72.70 for kerosene.
