Metro Manila, Philippines – Pump prices of diesel and gasoline will increase by more than ₱2 per liter beginning Tuesday, May 5, the Department of Energy said, breaking successive price cuts since the ceasefire between the US and Iran.
Based on the latest price adjustments, gasoline will cost ₱2.21 more per liter, and diesel by as much as ₱2.66 per liter.
The DOE said the adjustments reflect movements in international oil prices, including higher Mean of Platts Singapore (MOPS) benchmarks, as well as increases in freight and insurance costs.
Energy Secretary Sharon Garin said that the depreciation of the peso against the US dollar contributed to the upward adjustment as well.
The agency said price increases have slowed compared to previous weeks when adjustments reached double digits, indicating a possible stabilization in global oil markets.
“Parang kumakalma na siya ng konti compared to last week but there’s no assurance kung bababa o aakyat pa,” Garin said in a virtual briefing.
[Translation: Prices seem to be calming down slightly compared to last week… but there is no assurance whether they will go down or rise further.]
Meanwhile, kerosene prices will go down by as much as ₱3.53 per liter.
This is the first increase in diesel prices since April 14.
