Diesel, gasoline prices to rise after rollbacks

MANILA, Philippines – After three straight weeks of diesel price rollbacks, pump prices are expected to rise again beginning Tuesday, May 5, as prolonged supply disruptions have fueled global market worries.

The Department of Energy (DOE) announced on Monday, May 4, that diesel prices will increase by around P2.66 per liter, P2.21 for gasoline. Meanwhile, kerosene prices will drop by at least P3.53 per liter.

Following the pump price increases, diesel prices are expected to settle between P79.62 to P102.16 per liter, gasoline prices at P74.11 to P102.20 per liter, and kerosene at P124.97 to P146.47 per liter in Metro Manila for the week of May 5 to 11.

“For example, on diesel, the MOPS (Mean of Platts Singapore) there has been an adjustment of increase of $8 but there has been a decrease of $7 on the premium, and freight has increased slightly,” said Department of Energy (DOE) Secretary Sharon Garin.

“However the changes in the peso exchange rate has added to the increase of the price.”

According to the DOE weekly oil price monitor, crude oil prices have dropped since last week but remain elevated due to renewed tensions between the United States and Iran.

“Prices were boosted by renewed attacks on ships near the Strait of Hormuz, which raised concerns over fuel supply routes, as well as by gains in the US gasoline market following a sharp drop in US fuel inventories. US gasoline stockpiles fell significantly in mid‑April, tightening global supply sentiment,” the DOE said.

The DOE also reported that the country’s fuel inventory can now last 53.71 days. This is based on the average daily demand numbers from March, while earlier

Garin said that the country currently purchased 150 million of diesel and found no reason to procure additional supply yet since the current inventory is sufficient and the Philippines has no facility to accommodate additional liters.

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