MANILA, Philippines — Gasoline and diesel prices are set to hit record net increases in the first week of August, with an expected hike of nearly P2 per liter on Tuesday, August 5.
Oil companies will raise pump prices this week, with gasoline up by P1.90 per liter, diesel by P1.20 and kerosene by P1.00, according to the five-day trading last week.
Shell Pilipinas and Seaoil announced the upward price adjustments on Monday, August 4, in separate advisories.
The Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) said global oil supply fears have resurfaced, with markets bracing for the impact of US sanctions on Russia and Iran, and the European Union’s restrictions on Russian oil exports amid its war against Ukraine.
A decline in US gasoline inventories, combined with surging demand, has tightened supply and fueled price hikes, Jetti Petroleum President Leo Bellas said last week.
Oil firms closed July with mixed fuel price changes, following two weeks of hikes spurred by persistent concerns over US tariffs and Houthi attacks on vessels in the Red Sea, which is a major shipping route.
Gasoline dipped by only P0.10 per liter, while diesel and kerosene rose by P0.60 and P0.40 per liter, respectively.
Record-breaking price increases. With this week’s price hike, fuel prices have hit record-breaking net increases, with gasoline reaching P11.20 per liter and diesel climbing to P14.25 per liter. Kerosene, while not at a record high, has posted a net increase of P3.95 per liter.
This means current prices have now overtaken those recorded in 2024.
In areas declared under a state of calamity, however, oil firms have committed to a 15-day price freeze that now covers not only kerosene and liquefied petroleum gas, but also gasoline and diesel. — with reports from Brix Lelis
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