Gasoline prices in the Philippines are set to increase by P1.20 per liter starting December 9, as announced by major oil companies, while diesel and kerosene prices will remain unchanged. The adjustment reflects ongoing geopolitical tensions and regional supply constraints.
MANILA, Philippines — Several oil companies, including Petron, Jetti, Unioil, Cleanfuel, Caltex, Seaoil, PetroGazz, Shell, and PTT Philippines, have announced a P1.20 per liter increase in gasoline prices effective December 9. Most firms will implement the hike at 6 a.m., with Cleanfuel applying it later at 4:01 p.m. Diesel and kerosene prices show no movement this week.
The price adjustment stems from escalating geopolitical tensions, particularly following Ukraine’s recent attack on Russia’s oil infrastructure, as stated by Rodela Romero, assistant director at the Department of Energy. These tensions have kept premiums and freight costs elevated. Additionally, tight supply and strong demand in Asia have contributed, with gasoline exports from regional refiners like those in China and South Korea remaining low.
Jetti president Leo Bellas noted, “Gasoline exports from regional refiners have remained low, dragged down by lower volumes out of China and South Korea.” He had initially projected a small diesel increase of P0.10 to P0.30 per liter, but recent trading in the Mean of Platts Singapore benchmark resulted in no change. “The applicable premium and freight components were below initial estimates, and the full-week diesel MOPS average was also lower compared to the first four days,” Bellas explained.
This follows last week’s movements, where gasoline rose by P0.20 per liter and diesel decreased by P2.90 per liter. Earlier, oil firms implemented a P3.20 reduction.