Geline Salac

Motorists queue for fuel at a gas station in Pasig City on October 10, 2022, a day before a new round of oil price hike takes effect. Diesel prices is forecast to increase by P6 to P6.85 per liter, gasoline prices at P1.20 to P1.40 per liter, and kerosene prices by P3.50 to P3.70 per liter. Mark Demayo, ABS-CBN News

Article (news)

FUEL PRICE HIKE

David Dizon

Alvin Elchico

ABS-CBN News

Good news, Kapamilya! Oil prices are set to go down next Tuesday, a week before the May 12 midterm elections, the Department of Energy said Friday.Rodela Romero, DOE Oil Industry Management Bureau Director III, said the following oil price adjustments may be implemented on May 6, based on 4 days of trading of Mean of Platts Singapore.<div>Rollback</div><ul><li>• Gasoline - 25-70 centavos/liter</li><li>• Diesel - 30-80 centavos/liter</li><li>• Kerosene 50-70 centavos/liter</li></ul>Romero said the oil price cuts come amid concern over potential oversupply in the global market. This, after US crude inventory went up last week and signs that Saudi Arabia will increase output to gain market share in the oil market.Another factor affecting oil prices is <a href="https://www.abs-cbn.com/news/world/2025/4/24/americans-wary-of-trump-s-economic-about-faces-1706">erratic tariff policies</a> of US President Donald Trump, which could weaken global economic growth.Jetti Petroleum President Leo Bellas said even if prices in the MOPS rise on Friday, he is already confident that there will be a rollback on Tuesday.With a stronger peso vs the dollar, and lower demand, Bellas projects a less than P1/liter reduction, even with 1 more trading day to go.While both increases in the last weeks were indeed bigger than the expected price cut next week, Romero said the pattern is never deliberate as it only reflects world oil price movement.<div>TEMPLATE FOR REPORTING</div>Meanwhile, the DOE targets to begin the implementation of fuel price unbundling by June 2025.Romero says the template of information that fuel companies need to submit include the reason for the adjustment and other costs that contribute to the price movement.According to Romero, there are sanctions against oil firms that will not follow the submission of info template required by the DOE.

Good news, Kapamilya! Oil prices are set to go down next Tuesday, a week before the May 12 midterm elections, the Department of Energy said Friday.

Good news, Kapamilya! Oil prices are set to go down next Tuesday, a week before the May 12 midterm elections, the Department of Energy said Friday.

Oil prices to go down before May polls

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Oil prices to go down before May polls

David Dizon,

Alvin Elchico,

ABS-CBN News

Published May 02, 2025 07:08 AM PHT

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Updated May 02, 2025 03:10 PM PHT

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gasoline

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