Oil prices rise PHP0.70-1.40/liter starting July 15

Oil prices are set to rise further on Tuesday due to global market movements and geopolitical tensions, particularly concerns over potential US sanctions on Russia.

Effective July 15, multiple petroleum companies such as Flying V, Petron Corp., Seaoil Philippines Corp., Shell Pilipinas Corp., Cleanfuel Petro Gazz Ventures Philippines Corp., PTT Philippines Corp., and Chevron Philippines Inc. (Caltex) will increase gasoline prices by PHP0.70 per liter.

Diesel prices are seeing a more significant rise of PHP1.40 per liter, while kerosene is increasing by PHP0.80 per liter, except for Caltex which will raise diesel and kerosene by PHP0.70 and PHP0.50 respectively.

The price hikes come after two consecutive weeks of rollbacks and are expected to take effect at 6 a.m., with the exception of Cleanfuel which will implement changes at 4:01 p.m. and Caltex which will adjust prices at 6:01 a.m.

Retailers attribute these adjustments to strong global demand and forecasts of reduced US oil production, while the Department of Energy (DOE) expects prices to stabilize this week due to increased OPEC production.