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Fuel price spike anticipated next week

Business | The Economy

Fuel price spike anticipated next week

By Gabriell Christel Galang

At A Glance

Based on the four-day trading at Mean of Platts Singapore (MOPS), gasoline may go up by somewhere between ₱0.95 and ₱1.40 per liter, while diesel could climb by ₱1.50 to ₱2 per liter. A liter of kerosene may also increase by ₱1.30 to ₱1.40.

Oil Price Hike set on november 2025

Oil Price Hike set on november 2025

Motorists will need to tighten their belts after a two-week rollback in May, as oil prices are expected to increase next week.

Based on the four-day trading at Mean of Platts Singapore (MOPS), gasoline may go up by somewhere between ₱0.95 and ₱1.40 per liter, while diesel could climb by ₱1.50 to ₱2 per liter.

A liter of kerosene may also increase by ₱1.30 to ₱1.40.

According to the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) and oil firm Jetti Petroleum, trade talks between the United States (US) and China resulted in a lowered reciprocal tariff, which, in turn, motivated the demand side.

Aside from that, OIMB Director Rodela Romero said that prices next week were also affected by “the US-imposed sanctions on nearly two dozen firms involved in Iran’s international oil trade.”

“Prices were also supported by strong demand for fuel products following declines in US gasoline and diesel inventories ahead of the start of summer driving season,” said Leo Bellas, Jetti Petroleum president.

Moreover, oil-producing countries are anticipating slower growth in production this year, along with lower capital spending after a decline in oil prices.

This week, motorists experienced price cuts at the gas pumps, where gasoline dropped by ₱0.55 per liter, diesel by ₱0.65 per liter, and kerosene by ₱0.90.

Final oil prices will be announced on Monday.

Related Tags

Department of Energy-Oil Industry Management Bureau (DOE-OIMB) Rodela Romero oil prices

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