May 20: Fuel prices to rise by up to P1.70 per liter

MANILA, Philippines — Fuel prices will climb by up to P1.70 per liter on Tuesday, May 20, snapping the two-week straight decline.

Firms are set to increase pump prices: P1.20 per liter for gasoline, P1.70 for diesel and P1.20 for kerosene.

Shell Pilipinas, Seaoil and PetroGazz announced the latest round of price hikes in separate advisories on Monday, May 19.

The Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) said recent global developments, including reduced reciprocal tariffs on imported goods between the United States and China drove the fuel price hike.

Adding pressure to global supply, the US also imposed sanctions on oil firms involved in Iran’s international oil trade, fueling expectations of tighter supply that could push prices up.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) is projecting slower oil supply growth this year, citing reduced spending after recent price drops and eventually contributing further to the upward movement of fuel prices.

On May 13, gasoline prices dropped by P0.30 per liter, diesel by P0.90 and kerosene by P1.25. Combined with the rollback on May 6, this week’s hike results in a higher net increase for gasoline and diesel, while kerosene prices remain lower overall.

With this week’s adjustments, gasoline prices will reflect a total net increase of P4 per liter and diesel by P3.80. Kerosene, on the other hand, still shows a net decrease of P2.05 per liter.

From May 6 to May 12, the prevailing retail prices of petroleum products in Metro Manila were as follows:  

• Gasoline (RON97/100) - P61.70
• Gasoline (RON95) - P59.75
• Gasoline (RON91) - P53.25
• Diesel - P51.45
• Diesel Plus - P54.45
• Kerosene - P68.97

However, these figures do not yet reflect last week’s price rollback, as the DOE has not provided an updated tally as of writing.