Big-time oil price hike slated next week

MANILA, Philippines —  After two consecutive rollbacks, oil companies are set to implement a big-time price hike of as much as P2 per liter next week, industry estimates showed.

In an advisory on Saturday, Jetti Petroleum president Leo Bellas said the per-liter prices of gasoline may go up by P1.10 to P1.30.

He said diesel may also have a price increase of P1.60 to P1.80 a liter.

Rodela Romero, assistant director of the Department of Energy (DOE)-Oil Industry Management Bureau, also saw higher pump prices for the third week of May.

The DOE official said the prices of gasoline and kerosene may climb by 95 centavos to P1.40 a liter.

Diesel, meanwhile, may become more costly by P1.50 to P2 a liter.

READ: Further oil price cuts uncertain despite supply glut

US, China deal

Romero said the possible upward adjustments could be influenced by the deal between the United States and China to cut reciprocal tariffs on most imported goods during the 90-day pause.

She stressed the US move imposing sanctions on almost two dozen firms involved in Iran’s oil trade was also a

factor.

“[The Organization of Petroleum Exporting Countries] expects slower 2025 oil supply growth and said it expected lower capital spending following a decline in oil prices,” Romero added. /cb