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An attendant counts money after filling up a motorcycle with gasoline at a petrol station in Manila on March 15, 2022.
AFP / Ted Aljibe
MANILA, Philippines — Fuel prices are set to increase by up to P1.40 per liter starting Tuesday, July 15, after two weeks of rollbacks following the Israel-Iran ceasefire.
Oil companies are set to impose a price hike of P0.70 per liter for gasoline, P1.40 for diesel, and P0.80 for kerosene.
The hike is steeper than the Department of Energy’s (DOE) earlier estimate, which means prices went up on the fifth trading day in the Mean of Platts Singapore — the benchmark that tracks average prices of refined fuels.
Shell Pilipinas, CleanFuel and Seaoil announced the price adjustments on Monday, July 14, in separate advisories.
According to DOE’s Oil Industry Management Bureau (DOE-OIMB), the price increase was driven by reduced oil production in the United States despite higher gasoline demand.
The agency also pointed to the Houthi rebel attacks on ships in the Red Sea, a vital route for global oil shipments, which have sparked fears of supply disruptions.
Last week, fuel prices dropped by P0.70 per liter for gasoline, P0.10 for diesel, and P0.80 for kerosene. This week’s increase, however, wipes out the previous reductions in gasoline and kerosene.
After this week’s hike, gasoline prices are now up by a net P9 per liter this year, P11.35 for diesel and P1.85 for kerosene.
Based on the DOE’s monitoring, common retail fuel prices in Metro Manila from July 8 to 14 were recorded at the following levels:
- Gasoline (RON97/100) - P62.55
- Gasoline (RON95) - P55.25
- Gasoline (RON91) - P52.40
- Diesel - P53.20
- Diesel Plus - P56.20
- Kerosene - P72.00
This means gasoline, diesel, and kerosene may be priced higher or lower than the prevailing common retail price at other stations.
