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Manila Bulletin devider Business devider The Economy devider No rollback yet: Fuel prices move up on Tuesday

No rollback yet: Fuel prices move up on Tuesday

Published Jan 12, 2026 09:43 am
Fuel retailers will raise pump prices for the second consecutive week as escalating geopolitical conflicts in the Middle East and Eastern Europe upend initial forecasts of a cooling market.
Gasoline and kerosene prices will increase by ₱0.30 per liter effective Tuesday, Jan. 13, according to advisories from industry leaders. Diesel, a key fuel for the transport and agriculture sectors, will rise by ₱0.20 per liter. T
he price adjustments will be implemented at 6 a.m. by Shell Pilipinas Corp., Seaoil Philippines Inc., Petro Gazz, and Chevron Philippines Inc., which operates the Caltex brand. Cleanfuel will apply the changes later in the day at 8:01 a.m.
The upward movement marked the sharp reversal from earlier industry projections that had anticipated the first across-the-board price reduction of the year.
Jetti Petroleum Inc. noted that the shift was triggered by volatile late-week trading as investors reacted to heightening civil unrest in Tehran and an intensification of the Russia-Ukraine war.
The dual conflicts have reignited fears of significant supply disruptions from major energy-producing regions, prompting traders to price in a higher risk premium.
Market sentiment is also being shaped by tightening global supply dynamics. Recent data from the Organization of Petroleum Exporting Countries and its allies, known as OPEC+, indicate a decline in collective production. This contraction is largely attributed to involuntary output drops in Iran and Venezuela, where domestic instability and aging infrastructure continue to hamper extraction capabilities.
While substantial global inventory levels are currently acting as a buffer against a more aggressive price spike, the market remains on edge regarding potential shifts in U.S. foreign policy. Reports suggest a possible change in the management of Venezuelan oil assets that could see as much as 50 million barrels of previously sanctioned crude redirected toward U.S. markets. Such a development could provide long-term relief, but the immediate outlook remains clouded by uncertainty.
This week’s hike follows a mixed performance in the prior period. During the first week of January, gasoline prices saw a marginal rollback of ₱0.10 per liter, while diesel and kerosene increased by ₱0.20 and ₱0.10 per liter, respectively. With the latest adjustments, year-to-date figures point toward sustained inflationary pressure on local energy costs. (Gabriell Christel Galang)
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