LOCAL fuel retailers have raised their prices by P0.70 per liter for gasoline, P0.50 for diesel and P0.30 for kerosene, effective today, Tuesday.
Seaoil and Jetti will roll out the adjustments at 6:00 am, Caltex at 6:01 am, and Clean Fuel at 4:01 pm.
Both Jetti and Clean Fuel will implement only gasoline and diesel price changes. They do not sell kerosene.
The increases reflect the latest price movements in the global oil market.
Jetti Petroleum Inc. President Leo Bellas pointed to tighter US sanctions on Russia, which have amplified fears of supply disruptions.
“Freight and premium levels have remained elevated due to lingering geopolitical risks and concerns,” Bellas said. “Demand optimism has also lifted sentiment following a large drop in US crude inventories and gasoline stocks, indicating steady to strong demand during the summer travel season.”
Still, the hikes could have been sharper were it not for the lingering hope that a peace deal between Ukraine and Russia may yet ease global tensions, he added.
Last week brought mixed movements: gasoline prices rose by P0.60 per liter, while diesel and kerosene fell by P0.80 and P0.90, respectively.
So far this year, motorists have absorbed a net increase of P12.10 per liter for gasoline, P12.45 for diesel, and P2.05 for kerosene.
Based on Department of Energy data covering August 12 to 18, average prices in Metro Manila stood at P54.90 for RON 91 gasoline, P56.40 for diesel, and P73.60 for kerosene.
