Oil companies will implement a mixed price adjustment starting 6 a.m. Tuesday, with gasoline prices rising by P0.10 per liter.
Diesel and kerosene prices, however, will be rolled back by P0.20 and P0.40 per liter, respectively.
The latest price movements were announced by Seaoil Philippines, PTT Philippines, Jetti Petroleum, Chevron Philippines, and Cleanfuel through separate advisories.
According to Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau, factors like renewed progress on the US-Iran nuclear deal, easing US-China trade tensions, and expanded Iranian crude storage helped stabilize global prices. However, OPEC’s outlook for higher global demand kept prices buoyant.
Jetti Petroleum president Leo Bellas said the market remains volatile, affected by geopolitical tensions, including reports of a possible Israeli strike on Iran and stalled nuclear negotiations.
From May 13 to 19, gasoline in Metro Manila sold for P43 to P72.36 per liter, diesel for P43 to P72.39, and kerosene for P66.50 to P81.74. Just last May 20, oil firms imposed a sharp price hike of up to P1.70 per liter.
