Motorists in the Philippines face another fuel price hike this week, with diesel rising by P1.40 per liter effective Tuesday, January 27. This continues a five-week upward trend for diesel. Gasoline and kerosene prices will also increase modestly.
Major oil companies including Shell Pilipinas, CleanFuel, Caltex, and Seaoil announced the price adjustments on Monday, January 26. According to the Department of Energy, this represents the third consecutive increase of the year, lifting gasoline by P0.40 per liter, kerosene by P0.80, and diesel by P1.40.
Jetti Petroleum President Leo Bellas explained that the hike stems from market concerns over Black Sea export bottlenecks, reduced supply from Kazakhstan following the temporary shutdown of two oil fields, and rising demand driven by positive outlooks for China's economy. Additionally, colder weather in the United States and Europe has boosted fuel consumption.
Global oil prices remain volatile amid geopolitical tensions, such as the US exerting influence over Venezuelan oil and imposing sanctions on nine Iranian oil tankers and eight associated firms due to unrest in Iran. Last week brought steeper rises, with gasoline up P1, diesel P2, and kerosene P1.50, fueled by escalating issues in Iran, a major global oil producer.
The Department of Energy's monitoring for January 20 to 26 in Metro Manila showed prices ranging from: gasoline (RON97/100) P52.90 to P73.43; gasoline (RON95) P50 to P74.69; gasoline (RON91) P49.10 to P66.19; diesel P47.66 to P64.25; diesel plus P54.50 to P74.30; and kerosene P73.70 to P94.59. Cumulative gains now stand at P1.60 for gasoline, P3.80 for diesel, and P2.70 for kerosene.
