Oil companies have announced a significant fuel price increase of nearly P2 per liter, effective Tuesday, June 17, driven primarily by escalating tensions in the Middle East.
In separate advisories, major firms revealed that gasoline and diesel prices will rise by P1.80 per liter each, while kerosene prices will increase by a smaller margin of P1.50 per liter.
PTT Philippines will implement the new prices at 6 a.m. on Tuesday, followed closely by Caltex Philippines at 6:01 a.m., and Cleanfuel at 4:01 p.m.
This adjustment marks the fifth consecutive week of gasoline price increases.
Industry sources attribute the surge to a nearly 5 percent rise in global oil prices, fueled by concerns over the intensifying conflict between Israel and Iran.
“Rising fears over Middle East instability, particularly after Israel’s attack on Iran, have driven crude oil prices up by 5 percent,” said Leo Bellas, president of Jetti Petroleum.
Additional factors cited by Rodela Romero, assistant director of the Department of Energy’s Oil Industry Management Bureau, include sustained crude price gains following positive developments in U.S.-China trade talks, optimistic outlooks from the Organization of the Petroleum Exporting Countries (OPEC) regarding oil demand growth, and stalled negotiations between the United States and Iran.
As of Monday, the Asian benchmark Dubai crude dipped slightly by 0.58 percent to close at $67.41 per barrel, while the global benchmark Brent crude rose by 0.98 percent, settling at $74.96 per barrel.
