Philippine fuel prices to rise July 7 with diesel and kerosene increases

Oil companies will raise diesel and kerosene prices starting July 7. Gasoline prices may increase by up to 25 centavos per liter or decrease by as much as P1.75 per liter. Diesel prices will rise between P1.57 and P3.57 per liter. Kerosene prices will rise between P1.70 and P3.70 per liter.

Previous week increases The latest adjustments follow price increases the prior week. Gasoline rose P1.60 to P1.90 per liter. Diesel rose P0.80 to P0.85 per liter. Kerosene rose P1.20 to P1.22 per liter. Retail prices in Metro Manila for the week ending July 6 stood at P70.00 per liter for gasoline RON95, P69.00 per liter for gasoline RON91, P69.90 per liter for diesel, and P98.50 per liter for kerosene.

Inventory levels Current fuel stocks are projected to last 43.72 days for gasoline, 43.81 days for diesel, 177.50 days for kerosene, 84.93 days for jet fuel, 36.45 days for fuel oil, and 42.28 days for LPG, based on data as of July 3.

Energy officials said Dubai crude has returned to levels seen before the Middle East conflict that began February 28. Officials noted that local pump prices track regional finished-product benchmarks rather than crude prices directly. The Philippines imports most of its gasoline and diesel as finished products.

Only one company imports crude oil and refines it locally. Officials said prices of finished products may take one to two months to adjust to lower crude prices if no further supply disruptions occur. Pre-conflict retail prices in Metro Manila were P56 per liter for gasoline RON95, P54.70 per liter for gasoline RON91, P55 per liter for diesel, and P83.47 per liter for kerosene.