Oil prices to rise PHP1.20-1.70 per liter starting Tuesday

Oil prices in the Philippines will rise again starting Tuesday, May 20, reversing two weeks of rollbacks.

Shell Pilipinas, Seaoil, Caltex, Cleanfuel, Jetti, Petro Gazz, and other oil companies announced a PHP1.20 per liter increase for gasoline and kerosene, while diesel will see a PHP1.70 per liter rise.

These price hikes follow recent rollbacks of PHP0.85 per liter for gasoline, PHP1.55 per liter for diesel, and PHP2.15 per liter for kerosene over the past two weeks.

Rodela Romero from the Oil Industry Management Bureau attributed the price surge to reduced reciprocal tariffs on imported goods between the United States and China, US sanctions on oil firms involved in Iran's international trade, and an OPEC forecast suggesting poor supply growth for 2025.

Jeepney and taxi drivers expressed concern over the hikes, noting that higher fuel costs will significantly impact their already modest daily earnings, particularly during summer breaks when fewer students are using public transport.