Fuel prices in the Philippines are expected to increase next week, ending three straight weeks of big price rollbacks, a local fuel retailer said.
Based on global price trends last week, gasoline prices may go up by ₱2 to ₱3 per liter, while diesel could increase by ₱1 to ₱2 per liter.
The expected hike is linked to ongoing tensions between the United States and Iran, which are raising concerns about possible supply disruptions. Iran continues to control access to the Strait of Hormuz, a key oil shipping route, while the US maintains pressure on Iranian ports. Strong demand data in the US, including bigger-than-expected declines in fuel stockpiles, also pushed global prices higher.
Another factor is the United Arab Emirates’ decision to leave OPEC, which may affect global oil supply. While this move could push prices up in the short term, some analysts say it may lead to increased production later on.
If implemented, this will be the first diesel price increase after three weeks of sharp cuts totaling at least ₱60.88 per liter. Gasoline prices had also gone up last week but still saw a net decrease of ₱7.84 per liter since mid-April.
Kerosene prices were not given a forecast but have dropped by at least ₱29.21 per liter over the past three weeks.
As of April 28 to May 4, fuel prices in Metro Manila average ₱71 per liter for gasoline, ₱86.90 for diesel, and ₱131.10 for kerosene, based on Department of Energy data.
