Motorists face higher pump prices from Tuesday as oil firms roll out the fifth consecutive week of price increases.
Gasoline and kerosene prices are set P1 per liter higher, while diesel climbs P0.80 per liter, company advisories issued on Monday showed.
The adjustments reflect global benchmark movements driven by supply risks and geopolitical tensions.
Jetti Petroleum Inc. president Leo Bellas traced the upward price pressures to mounting concerns over Russian crude exports.
“The intensified attacks by Ukraine on Russia’s ports and refineries have already impacted Russian supplies, and rising concerns of a broader escalation of the tension in the Middle East are also supporting prices,” Bellas said.
He noted that diesel demand has stayed firm in Northern Hemisphere markets heading into autumn, while disruptions in Russia’s refining sector and export facilities have further tightened supply.
“While gasoline demand indicators continue to weaken, operational issues in major refineries have affected gasoline trade flows, and the upcoming refinery turnarounds are expected to tighten supply,” he added.
Still, Bellas pointed to softer US economic signals tempering the rally. “A larger-than-expected rise in the US distillate stockpiles raised concern about demand in the world’s top oil consumer,” he said.
The Department of Energy confirmed global factors were driving the hikes.
“Relevant news for this week contributing to the estimated adjustments are the continued geopolitical risks due to additional US sanctions on Russian oil, the EU’s discussion on the 19th Russian sanction package, and Ukraine’s massive drone strikes on 361 Russian energy sites,” DOE–Oil Industry Management Bureau director Rodela Romero said.
Last week, gasoline and kerosene prices rose P0.10 per liter, while diesel rose P0.50.
