Motorists will face higher fuel costs this week as oil companies raise prices by P0.20 per liter for gasoline and keroseneand P0.80 per liter for diesel starting tomorrow morning—ending a brief week of mixed pump movements.
Despite earlier projections of a gasoline rollback, Jetti Petroleum Inc. President Leo Bellas clarified on Monday that the fuel still posted an upward adjustment due to “a higher premium component in the price buildup” as geopolitical tensions continue to rattle global oil markets.
“While crude prices have declined sharply due to fears of oversupply from OPEC+, the actual premium component remains elevated because of ongoing instability in key producing regions,” Bellas explained.
He earlier projected smaller changes, noting an indicative movement of P0.80 to P1.00 per liter for diesel and a P0.10 decrease to P0.10 increase for gasoline.
Global oil prices have been volatile in recent weeks amid a tug-of-war between supply concerns and renewed demand, driven by refinery outages, Russia’s export bans, and seasonal demand from the US, Europe, and Indonesia.
A weaker Philippine peso against the United States dollar has also pushed up import costs, adding pressure to local pump prices.