Gasoline prices may climb in 3rd week of August as diesel, kerosene likely fall

MANILA, Philippines — Gasoline prices are expected to rise next week after a week of rollbacks, while diesel and kerosene are likely to continue their downward trend, the Department of Energy said on Friday, August 15.

Based on the past four days of trading, gasoline may increase by around P0.50 per liter, as diesel and kerosene are projected to drop by P0.70 and P1 per liter, respectively.

Other industry estimates suggest gasoline prices could rise by as much as P0.60 per liter, while diesel may decline up to P0.90 per liter.

The DOE’s Oil Industry Management Bureau said the anticipated cuts in fuel prices stem from increased production by the Organization of the Petroleum Exporting Countries (OPEC+) and other affiliated nations, coupled with a forecasted 1.38-million-barrel-per-day growth in global demand in 2026.

Talks between the United States and Russia over potential peace negotiations in Ukraine are also being monitored, as the US warned of further sanctions if no ceasefire is agreed upon. This could impact oil supplies from Russia, a significant global producer, and possibly raise prices.

Pump prices fell on August 12, with oil firms reducing gasoline by P0.40 per liter, diesel by P1.50, and kerosene by P1.30 as crude prices in the market declined. This ended weeks of hikes fueled by supply concerns.

Based on DOE monitoring, the prevailing retail prices of petroleum products in Metro Manila from August 5 to 11, before this week's rollback, are:

• Gasoline (RON97/100) - P68.18
• Gasoline (RON95) - P58.80
• Gasoline (RON91) - P55.30
• Diesel - P56
• Diesel Plus - P67.40
• Kerosene - P74.90

Oil firms will announce the final price adjustments on Monday, August 18, once the last trading day confirms price trends.

RELATED: Weeks of fuel price hike end amid expected oil supply boost