Fuel prices expected to rise again as most firms announce increases
Motorists in the Philippines are bracing yet another round of pump price rises scheduled for March 14 with major oil companies like Jetti Petroleum set to hike diesel by P8 per liter, marking a continuation of this week's upward trend despite reports suggesting milder hikes compared to previous weeks; while some sources initially noted potential double-digit increases or confusion regarding the specific date as February versus April dates were mentioned in conflicting headlines.
Key Points
-
1Fuel prices in the Philippines are expected to increase on March 24 as most major retailers have not yet released their specific price adjustments.
-
2Jetti Petroleum announced a diesel hike of P18.00 and gas hike of P8 per liter, marking another consecutive week of increases across multiple fuel types including kerosene.
-
3The Department of Energy indicated that the pace of recent pump price hikes is easing due to subsiding volatility in global oil markets despite ongoing Middle East tensions.
Developments
Perspectives
Fuel prices extended their weeks-long run of increases this week as volatility in the global oil market showed signs of subsiding.
— (Bworldonline)Most Philippine fuel companies have not yet released price adjustments for Tuesday, but Jetti Petroleum is expected to hike diesel by P18.00 per liter and gasoline by P8 per liter without staggering prices across retailers.
— (Manilatimes) - [Mar 23]This marks the tenth consecutive week of increases in Philippine fuel pricing for both petrol, kerosene (kero), or diesel as tensions continue to affect oil supply globally and domestically.
— (Philnews.ph)Motorists are set face another round of double-digit pump price hikes on Tuesday March 24th marking the eleventh consecutive increase in gasoline prices for retailers across Philippines amid ongoing global tension affecting fuel supplies
— (Feeds.feedburner.com)Energy Secretary Sharon S. Garin stated on Monday that global volatility in crude prices has subsided but domestic gasoline and diesel costs will still rise by up to P6.47 per liter for gas or as much as 18 pesos (diesel) due to a one-time price hike implemented this week, marking the thirteenth consecutive increase for both fuels since January last year; Garin attributed these higher prices compared with neighboring countries and noted that fuel costs will remain steady until early May.
Fuel prices in Manila are expected to rise on March 24, with Jetti Petroleum having already announced hikes of P18 for diesel and P8 per liter while other major operators like Unioil have followed suit later that night. This marks the tenth consecutive increase as ongoing Middle East tensions continue driving up global oil costs without staggered implementation across companies.
Jetti Petroleum announced on March 24 that it will increase diesel prices to ₱8 higher than the previous week's rate and gasoline by P₮P₁₂ more, marking a tenth consecutive weekly rise driven by ongoing Middle East conflict impacts on global oil markets. Local companies implemented these adjustments without staggering them after last week saw significant increases ranging from ₱20–43 per liter for diesel to ₰16-5978
Retailers announced another round of price hikes for gasoline and diesel effective Tuesday morning amid ongoing tensions in the middle east. While Jetti Petroleum specified increases ranging from P8 per liter (gasoline) to over 17 pesos/liter depending on fuel type, Malacanang stated that while supply remains adequate due to a "price disruption," there is no oil crisis developing at this time.