MANILA, Philippines — Motorists should brace for another round of fuel price increases on Tuesday, May 5, as oil companies roll back the brief relief seen in recent days, particularly for diesel.
Industry players announced that pump prices will rise by around P2 per liter, reflecting movements in the international oil market and ongoing supply concerns. Among the first to adjust, Jetti Petroleum said it will raise diesel prices by P2.60 per liter and gasoline by P2.20 per liter effective Tuesday.
Other oil firms are expected to implement similar adjustments, a common practice in the deregulated downstream oil sector where companies align prices weekly based on global benchmarks.
The upcoming hike is attributed to stronger global crude prices, driven by tightening supply and sustained demand in key markets. Analysts also point to geopolitical tensions and production decisions by major oil-producing countries as contributing factors behind the upward pressure on fuel costs.
Last week, motorists saw modest rollbacks, offering temporary relief. However, the latest adjustment reverses those gains, adding to transportation and logistics costs that could eventually impact prices of basic goods.
Consumers are advised to plan fuel purchases ahead of the price increase, while transport groups continue to monitor the situation for possible fare adjustment petitions if the upward trend persists.
IA/.XF
