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Manila Bulletin devider Business devider The Economy devider Oil prices roll back in early May

Oil prices roll back in early May

Published May 5, 2025 09:38 am

At A Glance

  • Effective Tuesday, May 6, gasoline prices will go down by ₱0.55 per liter, diesel by ₱0.65 per liter, and kerosene by ₱0.90 per liter.
Motorists welcome some relief as petroleum prices dropped in the first few days of May, reversing last week's increases.
Effective Tuesday, May 6, gasoline prices will go down by ₱0.55 per liter, diesel by ₱0.65 per liter, and kerosene by ₱0.90 per liter.
These marginal decreases were announced by several oil companies, including Shell Pilipinas, Seaoil, and Caltex.
In the last week of April, gasoline prices were up by ₱1.35 per liter, diesel went up by ₱0.80 per liter, while kerosene rose by ₱0.70 per liter.
Analysts earlier predicted an oversupply in global oil trade, with a possibility for supply to rise further due to additional output coming from the Middle East.
According to the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB), crude oil production in the United States (US) increased by 0.8 million barrels, while Saudi Arabia is hinting at potentially increasing its output to expand market share.
Additionally, Jetti Petroleum noted of more output cuts from oil-exporting countries included in OPEC+, which could boost oversupply.
While there is a current production spill, analysts are also concerned about the reciprocal tariffs imposed by the US, as these could slow down global economic growth and reduce demand for fuel.
From a geopolitical point of view, US sanctions on Iran may decrease exports, which would eventually affect oil prices for consumers.

Related Tags

oil prices gasoline diesel kerosene Department of Energy-Oil Industry Management Bureau (DOE-OIMB) OPEC+ Jetti Petroleum
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