Motorists are in for a slight relief this week as fuel prices dip starting Tuesday, May 6
For the period May 6 to 12, gasoline will drop by P0.55 per liter, trimming back-to-back P1.35 hikes over the past two weeks. Diesel follows with a P0.65 rollback. However, kerosene users face a P0.90 per liter increase.
Major oil firms such as Caltex, Seaoil, Shell Pilipinas, and PTT Philippines announced the adjustments, while Cleanfuel and Petro Gazz will impose the same hikes, excluding kerosene, which they do not sell.
The price changes will kick in at 6:00 a.m. on Tuesday, except for Cleanfuel, which will adjust its rates at 4:01 p.m. the same day.
Department of Energy-Oil Industry Management Bureau assistant director Rodela Romero attributed the potential price cuts to oversupply in the global market, following a 0.8 million-barrel rise in U.S. crude inventories last week.
In the past two weeks, fuel retailers raised petroleum prices, with the most recent hike reaching P1.35 per liter.
With the latest price adjustments, gasoline and diesel prices will have increased by P3.65 per liter since the start of 2025, while kerosene will have posted a net drop of P2 per liter over the same period. (TCSP)
