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Another oil price hike: ₱1.4 for diesel, ₱0.70 for gasoline

Business | The Economy

Another oil price hike: ₱1.4 for diesel, ₱0.70 for gasoline

By Gabriell Christel Galang

At a Quezon City gas station, a pump attendant fills a car's fuel tank. This week, the cost of petroleum products has risen, a direct result of escalating geopolitical tensions in the Middle East.

At a Quezon City gas station, a pump attendant fills a car's fuel tank. This week, the cost of petroleum products has risen, a direct result of escalating geopolitical tensions in the Middle East.

Motorists will need to tighten their belts for another round of increased prices at the gas pumps.

Effective Tuesday, July 15, gasoline will go up by ₱0.70 per liter, and kerosene will rise by ₱0.80 per liter. Diesel is also seen to climb by ₱1.40 per liter.

Shell, Seaoil, CleanFuel, PetroGazz, and other fuel companies have announced their adjustments for the week.

As for Caltex, its platinum and silver will be priced at up to ₱0.35 per liter, diesel at ₱0.70 per liter, and kerosene at ₱0.50 per liter.

Last week, analysts assumed tighter supply and higher fuel demand coming from the United States, alongside the renewed Houthi attacks on shipping vessels in the Red Sea, prompting concerns about supply transport disruptions.

The price increases on crude oil and refined fuel would offset the anticipated growing supply from OPEC+ production.

ING Economics also reported that the global oil demand is anticipated to rise by 720,000 barrels per day (b/d) year on year by 2026.

”The International Energy Agency (IEA) also revised upward its oil supply growth estimates amid the return of barrels from OPEC+. The agency now forecasts global supply will grow by 2.1 million b/d year-on-year this year, and by a further 1.3 million b/d in 2026,“ it reported.

Over the past two weeks, gasoline prices saw a total rollback of ₱0.70 per liter, while diesel was down by around ₱1.7 per liter.

Kerosene prices also dropped by ₱1.6 for two weeks before the recent increase.

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Oil price hike

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