Effective Tuesday, local retailers will implement an across-the-board increase in the price of fuel products due to developments in global crude prices.
In separate announcements, several fuel companies indicated that motorists can expect per-liter pump prices to go up by P1.90 for gasoline, P1.20 for diesel, and P1 for kerosene on Tuesday (August 5).
Only Caltex has a different set of fuel price adjustments as it will raise gasoline prices by P1.30 per liter, diesel by P0.90 per liter, and kerosene by P0.75 per liter.
Caltex and Seaoil will implement increases across all three fuel types, but Jetti will cut prices only for gasoline and diesel, as it does not offer kerosene products.
Schedule of adjustments: Seaoil and Jetti: 6:00 am; and Caltex: 6:01 am.
Over the weekend, Jetti Petroleum President Leo Bellas said the upward adjustments were 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 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 adjustment, 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.
Caltex is currently the only local fuel retailer that implements a twice-a-week price change, every Tuesday and Thursday.
Including today’s price movements, year-to-date prices result in a net increase of P11.20 per liter for gasoline, P14.25 per liter for diesel, and P3.95 per liter for kerosene.
From July 29 to August 4, Department of Energy data revealed that average per-liter prices in the National Capital Region were at P53.40 for RON 91 gasoline, P52.60 for diesel, and P73.90 for kerosene.
