Oil prices are expected to increase by up to PHP1.40 per liter this week, marking the fourth consecutive week of price hikes across the board. Seaoil announced in a Monday advisory that gasoline prices will rise by PHP1 per liter starting 6 a.m. Tuesday. Diesel prices will increase by PHP1.40 per liter, while kerosene will go up by PHP0.70 per liter.
Similarly, PTT Philippines confirmed it will raise gasoline prices by PHP1 per liter and diesel by PHP1.40 per liter effective at the same time.
Jetti Petroleum president Leo Bellas cited ongoing disruptions to oil supply from Russia due to the Russia-Ukraine war and fluctuations in the foreign exchange market as factors contributing to the price increases. He also noted concerns over tighter supply resulting from fresh US sanctions targeting Iran’s oil revenue and expectations that OPEC+ will maintain current production levels.
Last week, oil prices rose between PHP0.70 to PHP1 per liter, continuing the upward trend.