Motorists are facing another round of fuel price increases this week, reviving concerns that diesel prices could soon return to the P100-per-liter territory seen during previous oil price spikes.
The Department of Energy (DOE) said Monday that diesel prices will increase by P1.96 per liter starting tomorrow morning, while gasoline products are set to rise by P1.60 per liter. Kerosene prices may also go up by P1.45 per liter.
Based on prevailing retail prices in Metro Manila last week, the latest round of fuel hikes will push diesel prices to between P74.16 and P94.69 per liter starting next week, bringing pump prices closer to the P100-per-liter mark once again.
Premium diesel variants will climb even higher, with Diesel Plus projected to range from P84.16 to P98.56 per liter after the adjustment.
Gasoline prices are also expected to rise further. RON91 may sell for between P73 and P99.81 per liter, while RON95 could range from P73.97 to P101.89 per liter. Higher-grade RON97/100 gasoline, meanwhile, may reach between P80.98 and P109.70 per liter. Kerosene prices are likewise projected to increase to between P110.95 and P151.45 per liter.
Despite the expected increase in pump prices, the agency said fuel inventories remain stable.
As of 22 May, the country had an estimated 44.82 days of total fuel supply, including 41.07 days for diesel and 45.87 days for gasoline.
The DOE was initially scheduled to hold a media briefing on Monday on the latest fuel price movements, but it was later postponed without further details.
Over the weekend, an industry source said diesel prices remain elevated due to higher crude costs and lingering supply disruptions affecting Asian refiners.
“Diesel is supported by higher crude prices and unresolved supply disruptions, with feedstock procurement continuing to remain a challenge for Asian refiners,” the source said.
The source added that gasoline prices are also being driven higher by tight global supply and stronger seasonal demand from the United States.
Still, oil prices have recently eased amid positive developments in Middle East peace negotiations, although the source warned that volatility is expected to persist as tensions in the region remain unresolved.