Fuel prices to increase by P6.80/L this week

MANILA, July 28 ------ Oil firms have announced an increase of up to PHP6.80 per liter this week amid sustained supply issue concerns following the latest development in the Strait of Hormuz.

In an advisory, Jetti Petroleum said it will raise diesel and gasoline prices by PHP5 per liter effective 6 a.m. on Tuesday. By 6 a.m. on Wednesday, the company will again hike prices by PHP2.30 per liter for diesel and PHP1.80 per liter for gasoline.

Seaoil will hike gasoline prices by PHP6.80 per liter by 6 a.m. on Tuesday, PHP7.30 per liter for diesel, and PHP4.20 per liter for kerosene. Petron will also implement the same changes at 6 a.m. on Tuesday, including a PHP4.20 per liter increase in kerosene.

Jetti Petroleum President Leo Bellas, in an earlier statement to journalists, traced the uptick in fuel prices to the supply disruptions connected to the fresh Iran and Ukraine wars that “have tightened prompt oil supply availability and have caused prices to rise this week.” “The disruption of oil supplies has lifted the risk of delayed crude arrivals for Asian refiners, which supported diesel and middle distillate prices as product availability continues to tighten due to slowing refinery output recovery,” he added.

President Ferdinand R. Marcos Jr., in his fifth State of the Nation Address (SONA) on Monday, said improved relationships with other countries such as Japan, South Korea, Oman, India and Russia have helped the Philippines ensure its fuel supply in recent months amidst the supply concerns after the US-Iran war broke out in the latter part of February. “Dahil sa mga ito, natiyak natin ang sapat ang supply ng bansa na tatagal hanggang halos dalawang buwan,” he said. This, after the Philippine National Oil Company (PNOC) was given a mandate to procure oil supply for the country and was allocated some funding following Malacañang’s declaration of a state of national energy emergency on March 24, 2026.

Source: pna.gov.ph