Oil Price Hike Expected Next Week, Gas Stations Say
FUEL PRICE UPDATE – Various gasoline stations in the country are set to implement an oil price hike starting Tuesday (May 20, 2025).
Motorists should prepare for higher fuel prices next week as global market developments push oil costs upward. The Department of Energy’s Oil Industry Management Bureau expects noticeable increases in pump prices, affecting gasoline, diesel, and kerosene.
Based on latest trading data, gasoline may go up by P0.95 to P1.40 per liter, diesel by P1.50 to P2.00 per liter, and kerosene by P1.30 to P1.40 per liter. These changes are likely to be announced by fuel companies on Monday and will take effect the next day.
Several global events are driving the expected hike. A temporary agreement between the United States and China to reduce trade tariffs has stirred expectations of stronger fuel demand, especially in the world’s biggest economies. This renewed demand puts pressure on oil supply and prices.
Adding to the situation, the U.S. recently placed sanctions on several companies linked to Iran’s oil exports. These restrictions are limiting global oil flow, tightening supply, and pushing prices even higher.
Another factor comes from OPEC, the group of major oil-exporting countries. The organization has lowered its projections for oil supply growth next year and expects reduced investments in production.
These expected increases follow two weeks of price rollbacks, which had given drivers a bit of relief. However, with multiple international developments affecting supply and demand, prices are set to climb again.
As of this writing, consumers are advised to keep an eye on official price announcements and plan their fuel purchases accordingly, as the trend points toward another round of hikes starting the third week of May.
This is a developing report, just visit this website regularly or refresh the page for further updates.
READ ALSO: Oil Price Rollback for Second Straight Week Set on May 13, 2025