The country’s oil firms are expected to increase diesel and gasoline prices by as much as P1.20 per liter on Tuesday to reflect movements in the world oil market.
Unioil Philippines said Saturday that diesel and gasoline prices are projected to go up by P1 to P1.20 per liter due to the volatility in global oil prices.
Department of Energy Oil Industry Management Bureau (OIMB) Director Rodela Romero said on Friday that based on four-day trading, the pump price of gasoline will increase by P0.90 to P1.30 per liter, diesel by P0.85 to P1.35 per liter, and kerosene by P0.90 to P1 per liter.
Romero attributed the higher prices to tighter global supply, driven by fresh U.S. sanctions on Iran, the pledge of production cuts by the Organization of the Petroleum Exporting Countries and its allies, and hopes of easing U.S.-China trade tensions.
Meanwhile, Jetti Petroleum President Leo Bellas said oil prices have rallied on concerns about global supplies following U.S. pressure on Iran over its nuclear program and the imposition of new sanctions to curb Iranian oil exports.
“Further adding to supply worries is the OPEC plan for several oil-producing members to curb output to compensate for pumping above agreed quotas, and the ongoing peak maintenance season of refineries,” Bellas said.
On April 8, 2025, local oil companies implemented a price decrease of P0.10 per liter for gasoline and P0.50 per liter for kerosene. There was no adjustment for diesel.
Year-to-date, gasoline has a total net increase of P4.55 per liter, diesel a total net increase of P4.45, while kerosene has a total net increase of P0.40 per liter.
