Effective tomorrow, May 5, a new round of oil price adjustments will take place in the Philippines. In separate advisories, oil companies announced that gasoline prices will increase by P2.21 per liter, while diesel will go up by P2.66 per liter. Meanwhile, kerosene will see a price reduction of P3.53 per liter.
Implementation Details
The new prices will be implemented at 6:00 AM tomorrow. According to Energy Secretary Sharon Garin, the price hike was expected this week due to the weakening of the Philippine peso, which hit a record low of P61.75 against the US dollar last week.
Supply Situation
Based on data from the Department of Energy, the country has sufficient oil supplies that will last approximately 53.71 days. This includes gasoline, diesel, kerosene, jet fuel, fuel oil, and liquefied petroleum gas (LPG).
Previous Price Movements
Last week, gasoline prices slightly increased by P0.53 per liter, while diesel and kerosene saw significant decreases of P12.94 and P15.71 per liter, respectively, according to oil firms.
