Fuel prices in the Philippines may increase next week following the United Arab Emirates’ exit from Organization of the Petroleum Exporting Countries, according to a local fuel retailer.
Based on early price estimates, gasoline prices could go up by ₱1 to ₱2 per liter, while diesel may rise by ₱1 to ₱3 per liter.
The UAE’s departure ends nearly 60 years of membership and removes one of OPEC’s top oil producers from its supply control system. Analysts say this could push prices higher in the short term, as global oil supply buffers are already tight after recent disruptions.
However, the impact may ease in the longer term. Without OPEC limits, the UAE could increase oil production more freely, which may help stabilize or lower prices.
Despite the possible increase, fuel prices have generally gone down in recent weeks. Over the past three weeks, gasoline prices dropped by at least ₱7.84 per liter, diesel by ₱60.88, and kerosene by ₱29.21. Last week, however, gasoline prices rose slightly by ₱0.53 per liter.
As of April 21 to 27, fuel prices in Metro Manila average ₱82.70 per liter for gasoline, ₱99.90 for diesel, and ₱146 for kerosene, based on data from the Department of Energy.
