The Department of Energy (DOE) Oil Industry Management Bureau projected an increase in the prices of starting August 5, 2025.
Rodela Romero, assistant director of the agency's Oil Industry Management Bureau, said gasoline is seen to jump by more or less P1.50 per liter.
Diesel may also increase by P1 per liter, while kerosene could go up by P0.80 per liter.
The projected increases were based on the benchmark for refined petroleum products, the Mean of Platts Singapore, and the foreign exchange average as of Thursday.
Other factors include the US-EU trade deal, which reduced the tariff of European exports to the United States to15 percent, and supply-related factors.
Romero said the potential price hikes could be triggered by the “renewed concerns over supply disruptions following US President Trump’s sanction on Russia and Iranian oil.”
The fuel price adjustments are also influenced by the peso's depreciation to the 58-level on Thursday, a day before the implementation of the 19 percent reciprocal tariff on Philippine exports to the US.
The peso gained by a few points when it opened on Friday’s trading at 57.86 against the US dollar.