Fuel prices in the Philippines are set to increase by up to P1.35 per liter, effective Tuesday, April 29. This marks the second consecutive week of price hikes, nearly reversing the significant rollbacks seen during Holy Week.
In this round, oil firms will raise gasoline prices by P1.35 per liter, while diesel prices will go up by P0.80, and kerosene will increase by P0.70 per liter.
Major oil companies, including Shell Pilipinas, Seaoil, PetroGazz, PTT Philippines, Caltex, and CleanFuel, confirmed these price hikes in separate advisories on Monday, April 28.
The Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) attributed the price increase to a new wave of U.S. sanctions targeting Iran’s oil shipping network and a significant drop in U.S. crude stockpiles, which have tightened global supply. These factors, along with anticipated output cuts by the Organization of the Petroleum Exporting Countries and its allies (OPEC+), contributed to this and last week’s price hikes.
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