Fuel prices will go up by as much as P1.70 per liter starting Tuesday, May 20, ending a two-week streak of price drops.
Gasoline will rise by P1.20 per liter, diesel by P1.70, and kerosene by P1.20, according to separate announcements from Shell Pilipinas, Seaoil, and PetroGazz on Monday, May 19.
The Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) said the price hike was influenced by recent global events. Reduced tariffs on imports between the United States and China increased fuel prices.
The situation worsened as the US imposed sanctions on oil companies linked to Iran’s oil trade. This is expected to tighten global supply and push prices higher.
The Organization of the Petroleum Exporting Countries (OPEC) also predicts slower oil supply growth this year. OPEC cites reduced spending following recent price drops, which could further raise fuel prices.
On May 13, prices had fallen by P0.30 per liter for gasoline, P0.90 for diesel, and P1.25 for kerosene. Along with the rollback on May 6, this week’s hike means gasoline and diesel prices have a net increase overall, while kerosene remains lower than before.
After this week’s change, gasoline prices will be P4 higher per liter, diesel will increase by P3.80, and kerosene will still be P2.05 cheaper per liter compared to earlier rates.
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