FUEL retailers confirmed they have raised the prices of their gasoline, diesel, and kerosene products effective today, September 2.
Seaoil and Caltex have set their gasoline and kerosene prices higher by P0.70 per liter and their diesel prices by P1.00 per liter.
Independent players PTT and Jetti matched Seaoil and Caltex’s price increases in gasoline and diesel. They do not sell kerosene.
The price increases take effect from 6:00 am for Seaoil, PTT and Jetti, and at 6:01 am for Caltex.
Industry officials said the latest round of increases reflects jitters in the global oil market.
Jetti Petroleum president Leo Bellas cited escalating hostilities between Russia and Ukraine, coupled with new US sanctions on Russian crude and its buyers, as key drivers of price pressure.
“Demand optimism further supported prices following signals from the US Federal Reserve of a possible interest rate cut, and a large drawdown in US crude and fuel inventories,” Bellas said.
Still, he noted the hikes could have been steeper were it not for concerns that American demand will taper off with the close of the summer driving season. He added that expectations of higher supply from OPEC and its allies, as they roll back some voluntary cuts in September, also tempered the upward momentum.
Before this week’s adjustment, fuel firms raised gasoline prices by P0.60 per liter but cut diesel and kerosene by P0.80 and P0.90, respectively.
With the new hikes, year-to-date net increases now stand at P12.80 per liter for gasoline, P13.45 for diesel, and P2.75 for kerosene.
Department of Energy data showed average pump prices in Metro Manila during the August 26–September 1 trading week were P55.70 per liter for RON 91 gasoline, P52.90 for diesel, and P73.00 for kerosene.
