July 22: Fuel prices climb anew on weak peso, US tariff woes

MANILA, Philippines — Motorists should brace for another round of fuel price hikes as high as P1.10 per liter starting Tuesday, July 22.

In separate advisories issued on Monday, July 21, Shell Pilipinas, Seaoil, PetroGazz and CleanFuel announced they will raise gasoline prices by P0.40 per liter, diesel by P1.10 per liter and kerosene by P0.70 per liter.

The upward adjustment comes amid fluctuations in global oil prices based on the five-day trading last week, which continue to influence domestic pump rates.

The Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) attributed the latest round of fuel price hikes to growing global demand forecasts and lingering concerns that US tariff policies may curb economic growth and energy consumption.

The peso’s depreciation against the US dollar has also pushed prices upward.

Last week, fuel prices went up by P0.70 per liter for gasoline, P1.40 per liter for diesel and P0.80 per liter for kerosene, mainly due to lower US oil production and the continued attacks by Houthi rebels on shipping vessels in the Red Sea.

Caltex, however, implemented staggered price hikes over two days, one on July 15 and another on July 17. The total increase was lower than that of other oil companies: P0.55 per liter for gasoline, P1.05 per liter for diesel and P0.70 per liter for kerosene.

Based on the DOE’s monitoring, common retail fuel prices in Metro Manila from July 15 to 21 were recorded at the following levels:

• Gasoline (RON97/100) - P70.46
• Gasoline (RON95) - P56.10
• Gasoline (RON91) - P53.10
• Diesel - P54.60
• Diesel Plus - P57.60
• Kerosene - P72.80

This week’s hike brings the year-to-date increase to P9.40 per liter for gasoline, P12.45 for diesel, and P2.55 for kerosene.