Oil firms are expected to slash domestic pump prices in the next few days, with gasoline and diesel dropping by P1 to P1.30 per liter and kerosene by P1.20 to P1.35 per liter. In the video, pump attendants serve customers at a gas station in Ermita, Manila on Sunday, 8 September 2024.
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Motorists should brace for another round of fuel price increases next week—the second straight week of upward adjustments following substantial rollbacks during Holy Week.
“Based on the monitoring in the international oil market, we will expect an increase in the prices of petroleum products by next week,” Department of Energy Oil Industry Management Bureau Director Rodela Romero confirmed on Friday.
Romero said gasoline prices may increase by around P0.80 to P1.40 per liter, diesel by P0.40 to P1.00 per liter, and kerosene by P0.50 to P0.70 per liter.
She pointed to fresh US sanctions on Iran’s oil shipping network—which have tightened global crude supply—as well as a sharper-than-expected decline in US crude inventories as the main drivers of the projected increase.
Confirming the expected hike, Jetti Petroleum Inc. President Leo Bellas cited international benchmarks that continue to reflect upward pressure on oil prices.
“Price movement indication for the week of April 28, 2025, based on this week’s MOPS and Forex average (first 4 days) versus last week’s full week average: Diesel +0.70 to +0.90, Gasoline +1.10 to +1.30,” Bellas said.
He explained that concerns over supply constraints have fueled the recent rally.
“Oil prices continued its rally due to concerns about tightening supply, following a fresh round of US sanctions on Iran,” Bellas said.
“Easing fears about economic uncertainty in the US, the prospects of lowering of tariffs on imported Chinese goods, and a drop in US fuel stockpiles have also helped push prices up,” he added.
Fuel retailers raised pump prices earlier this week by P1.35 per liter for gasoline, P1.30 per liter for diesel, and P1.10 per liter for kerosene. It followed the major rollback implemented during the Lenten break, which saw gasoline prices drop by P3.60 per liter, diesel by P2.90, and kerosene by P3.30.
