Motorists face another round of fuel price hikes this Tuesday, the third week in a row, with increases set at P0.90 to P1.10 per liter for gasoline and at P1.30 to P1.50 for diesel, Jetti Petroleum Inc. said over the weekend.
Jetti president Leo Bellas said the adjustment reflects global concerns over supply disruptions after Ukrainian strikes damaged Russian oil facilities.
Traders are also watching the impact of fresh US sanctions on Iran and the uncertain stance of the Organization of the Petroleum Exporting Countries and its allies on output levels.
Bellas said doubts about US fuel demand tempered what could have been higher price hikes.
“Refined fuel supply fundamentals remain sensitive to trade disruptions, including any further escalation in geopolitical tensions,” he said.
The Department of Energy (DOE) confirmed the expected increases, saying kerosene could also climb by about P0.80 per liter based on four days of global trading last week. DOE Oil Industry Management Bureau director Rodela Romero said the final range may still change as it will factor in the full five-day trading. She added that Saudi Aramco and Iraq’s SOMO halting fuel exports to Indian refiners also contributed to the uptick.
Fuel firms already raised pump prices last week by P0.70 per liter for both gasoline and kerosene and P1 for diesel. Since August 26, across-the-board hikes have added P1.40 per liter for gasoline, P1.50 for diesel, and P1 for kerosene.
So far this year, net increases have reached P12.80 per liter for gasoline, P13.45 for diesel, and P2.75 for kerosene. DOE records also show that from August 26 to September 1, average pump prices in Metro Manila were P55.70 for RON 91 gasoline, P52.90 for diesel, and P73 for kerosene.
