As predicted last week, gasoline prices have increased by P0.20 per liter for the third straight week, while diesel and kerosene see a P0.20 per liter rollback effective today.
In Manila, Philippines, oil companies including Jetti, Seaoil, Petron, and PTT Philippines implemented the anticipated adjustments: a P0.20 per liter hike in gasoline and a P0.20 per liter rollback for both diesel and kerosene. This brings year-to-date net increases to P21.30 per liter for gasoline, P21.55 for diesel, and P6.55 for kerosene.
Department of Energy assistant director Rodela Romero attributed the movements to global market dynamics, including anticipations around Ukraine-Russia peace negotiations and Iraq's resumption of production at a major oilfield. Jetti president Leo Bellas noted softening Asian price benchmarks due to rising supply expectations, potential Chinese outflows, and refinery restarts.
These changes follow last week's P1.20 per liter gasoline surge, aligning with earlier forecasts based on Mean of Platts Singapore trading amid a weakening peso.
