Motorists should brace for an increase in fuel prices this week, with pump rates set to climb by up to P0.70 per liter for gasoline and P1.40 per liter for diesel starting Tuesday.
Jetti Petroleum said the anticipated increases reflect last week’s five-day crude trading cycle as global oil benchmarks responded to renewed geopolitical tension in the Red Sea and signs of firming demand worldwide.
Jetti President Leo Bellas said these upward price pressures outweighed the expected supply boost from the Organization of the Petroleum Exporting Countries and its allies (OPEC+), which had earlier signaled a boost to output next month.
“The hike could have been steeper if not for bearish sentiment tied to the possible economic fallout from new US tariffs,” Bellas said, pointing to fears that global trade restrictions could dent oil demand.
The looming increase follows two consecutive weeks of rollbacks, totaling P2.10 per liter for gasoline, P1.90 for diesel, and P3 for kerosene.
Latest Department of Energy (DOE) data show year-to-date net increases of P9 per liter for gasoline, P10.05 for diesel, and P1.85 for kerosene as of July 1.
From July 8 to 14, pump prices in Metro Manila averaged P52.40 for RON 91 gasoline, P53.20 for diesel, and P72 for kerosene.
