Fuel prices in the Philippines are expected to drop this week after the Organization of the Petroleum Exporting Countries announced plans to boost production
Industry advisories for the period May 13 to 19 showed that gasoline prices will drop P0.30 per liter. Meanwhile, diesel and kerosene prices will fall by P0.90 per liter and P1.25 per liter, respectively.
Chevron Philippines (Caltex), Seaoil, Shell Pilipinas, and Petron were among the first to confirm the price cuts.
Independent players Jetti Petroleum, Cleanfuel, and Petro Gazz will implement the same adjustments — excluding kerosene, which they do not carry.
The changes take effect at 6 a.m. Tuesday for most fuel retailers. Cleanfuel will implement the rollback slightly later, at 8:01 a.m. the same day.
The rollback was widely expected by analysts last week, citing a surge in global oil supply and renewed optimism over U.S.-China trade talks. The Department of Energy’s Oil Industry Management Bureau said the planned output hike by OPEC+ in June, combined with tariff uncertainties, could further lift global production in the coming months.
Kazakhstan is also expected to ramp up crude production this May, despite quota restrictions set by other OPEC+ members. Jetti Petroleum flagged that while U.S.-China trade discussions may buoy market sentiment, any resulting demand spike in Europe or China—alongside heightened tensions in the Middle East—could still exert upward pressure on oil prices.
The latest cuts bring year-to-date price adjustments to a net increase of P3.13 per liter for gasoline and P3.00 for diesel, while kerosene has logged a net decrease of P2.00 per liter as of May 6. (TCSP)
