MANILA, Philippines — It’s time to head to the gas station a little earlier this weekend. Local motorists are facing a significant pinch at the pump as oil companies prepare for another round of price hikes set to take effect on Tuesday, May 5.
Industry estimates, based on the first four days of international oil trading (Mean of Platts Singapore), suggest that the upcoming increases will be quite steep, particularly for those relying on diesel.
According to Department of Energy (DOE) sources and industry players, the expected adjustments are as follows:
- Diesel: A heavy increase of ₱1.60 to ₱1.90 per liter.
- Gasoline: A rise of ₱0.85 to ₱1.15 per liter.
- Kerosene: An upward adjustment of ₱1.50 to ₱1.80 per liter.
The Department of Energy’s Oil Industry Management Bureau points to a “perfect storm” of global factors driving these costs. Ongoing supply cuts from OPEC+ nations and lingering geopolitical tensions continue to tighten the global market. Locally, the continued struggle of the Philippine Peso against the US Dollar is making fuel imports more expensive, a cost that unfortunately trickles down to Filipino drivers.
This latest hike follows a period of volatility where price rollbacks have been small and infrequent, keeping the year-to-date net increase for fuel products at a high level. For transport workers and delivery riders, these constant fluctuations remain a major hurdle for daily earnings.
Keep an eye out for official announcements from major oil firms like Shell, Petron, and Caltex, as well as independent brands, which usually drop on Monday afternoon before taking effect at 6:00 AM on Tuesday.
