Global pressure seen from China demand
Philippine fuel retailers raised the prices of their petroleum products, the first for this year, pushed along by the ripple effects of global expectations of higher demand from China as the world’s biggest fuel importer.
Seaoil and Caltex increased their prices of gasoline and kerosene by P1 per liter, and of diesel by P1.40 per liter, all effective today.
Clean Fuel and Jetti also made the same upward price adjustments of P1 per liter for gasoline and P1.40 for diesel, but left their kerosene prices unchanged.
As of end-2024, the Manila price per liter of gasoline (RON91) stood at P57, diesel at P56.25 and kerosene at P70.95, data from the Department of Energy (DOE) show. As of that period, gasoline prices showed a total net increase of P12.75 per liter and a net hike of P11 per liter for diesel, but a net decrease of P2.70 per liter for kerosene.
“Shrinking regional supply of diesel and gasoline due to lower outflows from major supplier China has lifted the prices of both products,” Leo Bellas, Jetti Petroleum Inc. president, said.
Bellas added such price increase could have been much higher if not for “the sharp increase in US fuel inventories, showing weakened demand.”
