Consumers can expect a rollback in pump prices next week by as much as P0.80 per liter, following two consecutive weeks of oil price hikes.
Department of Energy Oil Industry Management Bureau (OIMB) Director Rodela Romero said that based on four-day trading in Mean of Platts Singapore—the benchmark used by oil importers—the rollback is estimated at P0.25 to P0.70 per liter for gasoline, P0.30 to P0.80 per liter for diesel, and P0.50 to P0.70 per liter for kerosene.
Romero said the softening of world oil prices this week can be attributed to concerns about oversupply in global markets.
She said U.S. crude inventories grew by 0.8 million barrels last week, while the Kingdom of Saudi Arabia is also looking to raise its output and expand its market share.
She added that the erratic U.S. tariff policies have raised concerns about weakening global economic growth and fuel demand.
Meanwhile, Jetti Petroleum President Leo Bellas estimates the rollback for diesel at P0.35 to P0.55 per liter, and for gasoline at P0.30 to P0.50 per liter.
He said oil prices declined as the global trade war eroded the outlook for fuel demand, compounded by the escalating risk of oversupply due to OPEC+’s unwinding of output cuts.
“However, the latest threat of secondary sanctions by the U.S. on Iran caused prices to rally due to worries that Iranian crude oil supply will be reduced should enforcement push through,” Bellas said.
On April 29, 2025, local oil companies implemented a price increase of P1.35 per liter for gasoline, P0.80 per liter for diesel, and P0.70 per liter for kerosene.
Year-to-date, gasoline and diesel have both seen a total net increase of P3.65 per liter, while kerosene has a total net decrease of P1.10 per liter.
DOE monitoring showed that the prevailing retail prices of petroleum products in the National Capital Region for April 22 to 28, 2025 were: gasoline at P44 to P71.86 per liter, diesel at P44 to P73.14 per liter, and kerosene at P67.10 to P83.19 per liter.
