The Department of Social Welfare and Development distributes P5,000 cash relief assistance to each member of the Tricycle Operator-Driver Association in Lingayen, Pangasinan yesterday.Cesar Ramirez

Higher fuel prices seen next week

by · philstar

MANILA, Philippines — Motorists should expect higher fuel prices next week as global markets remain on edge amid uncertainty over a peace deal in the Middle East.

An industry source estimated a potential price increase of P2 to P2.50 per liter for diesel and P0.75 to P1.25 per liter for gasoline on May 19.

The projections were based on four trading days on the Mean of Platts Singapore, a key pricing benchmark for refined petroleum products in Asia-Pacific markets.

Final price adjustments may still change, with one trading day remaining.

“Upside pressure to diesel prices re-emerged due to high crude oil prices following a re-escalation of geopolitical risks in the Middle East,” the source said.

US President Donald Trump said the ceasefire with Iran was on “life support,” adding that he was weighing the resumption of naval military escorts through the Strait of Hormuz.

This week, gasoline prices increased due to tighter supply, following declines in global inventories and weaker refinery output.

In Metro Manila, diesel currently ranges from P71.19 to P89.91 per liter, while gasoline is priced between P72.47 and P106.97 per liter.