A local fuel retailer said gasoline and diesel prices iare likely to increase again next week due to ongoing tensions between the United States and Iran.
Based on recent price trends, gasoline could go up by ₱2.50 to ₱3.00 per liter, while diesel may rise by ₱1.50 to ₱2.00 per liter.
The retailer said the continued standoff between the US and Iran is causing supply concerns, especially as both sides have reportedly seized vessels passing through the Strait of Hormuz. These risks are pushing global oil prices higher.
Fuel prices were also affected earlier by the United Arab Emirates’ decision to leave OPEC, which removed one of the group’s largest producers from output limits. While this initially pushed prices up, one local company said the move could lead to lower prices in the future if the UAE increases production.
Despite the expected hike, fuel prices have generally gone down over the past three weeks. Gasoline dropped by ₱7.84 per liter, diesel by ₱60.88, and kerosene by ₱29.21. However, gasoline prices rose slightly last week 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.
