Consumers can expect a big time oil price hike next week of as much as P1.40 per liter after the US and China decided to slash reciprocal tariffs.
Department of Energy Oil Industry Management Bureau (OIMB) director Rodela Romero said that based on the 4-day trading, there will be an increase in the prices of petroleum products on Tuesday.
She said gasoline will increase by P0.95 to P1.40 per liter, diesel by P1.50 to P2 per liter and kerosene by P1.30 to P1.40 per liter.
Romero said world oil prices climbed this week after the US and China agreed to slash reciprocal tariffs on most imported goods during a 90-day pause and the US imposed sanctions on nearly two dozen firms involved in Iran’s international oil trade.
She said the pronouncement of the Organization of the Petroleum Exporting Countries that it expects slower 2025 oil supply growth and lower capital spending also impacted oil prices.
Jetti Petroleum president Leo Bellas said wil prices have rebounded after the US and China agreed to temporarily lower their reciprocal tariff, de-escalating the trade war and raising demand optimism.
“Prices were also supported by strong demand for fuel products following declines in US gasoline and diesel inventories ahead of the start of summer driving season,” he said.
He said world oil prices, however, eased down on expectations of a potential US-Iran nuclear deal and after an unexpected build in US crude stockpiles heightened concerns of oversupply.
The oil firms cut pump prices on May 13, 2025 by P0.30 per liter for gasoline, P0.90 per liter for diesel and P1.25 per liter for kerosene to reflect the movement of international oil prices.
