Over P1 per liter hike in diesel, gasoline seen next week

Motorists should expect another round of hikes in pump prices next week amid the continued supply disruptions due to the Middle East conflict.

Citing estimates based on Mean of Platts Singapore (MOPS) trading and foreign exchange averages in the past four days, an oil industry source said the following upward adjustments could be seen in the coming week:

• Diesel - P1.00 to P1.30 per liter
• Gasoline - P1.20 to P1.50 per liter

“Diesel is supported by higher crude prices and unresolved supply disruptions, with feedstock procurement continue to remain a challenge for Asian refiners,” the industry source said.

“Gasoline prices are also higher as global markets continue to remain tight, with supplies from Asia possibly moving to other regions amid reduced production in Europe, and demand from the US accelerates with the onset of the peak summer season,” the source added.

While crude and refined products prices were seen easing down recently due to positive developments in the US-Iran peace talks, volatility can be expected as uncertainty and tensions in the Middle East continue to linger, according to the industry source.

Fuel firms announce price adjustments every Monday, to be effective on the following day.

This week, effective May 19, oil companies increased gasoline prices by P1.20 to P1.21 per liter, hike diesel prices by P2.80 to P2.82 per liter, while slashing kerosene prices by P2.11 per liter.

The latest adjustments, the 20th fuel price movement for 2026, resulted in a total net increase of P48.12 per liter for gasoline, P44.84 per liter for diesel, and P39.05 per liter for kerosene, according to the latest data from the Department of Energy (DOE).—VAL, GMA News