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Manila Bulletin devider Business devider The Economy devider Fuel prices spike on Tuesday

Fuel prices spike on Tuesday

Published Jul 21, 2025 11:07 am  |  Updated Jul 21, 2025 01:05 pm
Motorists are about to brace for the inclement weather and higher prices at the gas pumps.
Effective Tuesday, July 22, gasoline prices will be raised by ₱0.40 per liter, diesel by ₱1.10 per liter, and kerosene by ₱0.70 per liter.
Shell, Seaoil, and PetroGazz are among the few oil companies that have announced these price adjustments.
Last week, analysts speculated that this week’s price movements are caused by the United States’ (US) tariff policies, direct sanctions on Russia, and supply disruption concerns following attacks in the Red Sea, which is a key global shipping route.
ING Economics reported that despite the European Union (EU) imposing another round of sanction package over Russia, it has yet to yield with the decline of oil price caps. According to ING, the “tough sanctions” would mean lowering the Russian crude oil price limit to $47.60 per barrel (bbl) by September.
However, Russia has doubted the impact of these limitations, as ING Economics stated that the country has built a shadow fleet of oil tankers to work their way around the sanctions.
“The EU has also sanctioned another 105 vessels, leaving a total of 444 vessels in Russia’s shadow fleet affected. The lack of reaction shows that the market is not convinced by the effectiveness of these sanctions,” ING said.

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