Fuel price hike seen next week

Metro Manila, Philippines - Motorists may have to brace for a price increase in fuel products next week, the Department of Energy said on Friday, May 16.

The DOE said oil firms may have an upward adjustment starting Tuesday, May 20, on diesel by P1.50 to P2, gasoline by P0.95 to P1.40, and kerosene by P1.30 to P1.40.

Companies have implemented price rollbacks in two straight weeks.

The DOE said the agreement between the United States and China to reduce reciprocal tariffs on most imported goods during the 90-day pause will have an impact on next week’s price movement.

Other reasons that could be attributed to the possible movement were:

+ The US imposed sanctions on nearly two dozens of firms involved in Iran’s international oil trade;

+ OPEC expects slower 2025 oil supply growth and said it expected lower capital spending following a decline on oil prices.

Year-to-date, gasoline has a total net increase of P2.80 per liter and diesel has a total net increase of P2.10/liter. Kerosene has a total net decrease of P3.25/liter.