Pump prices up again amid tightening global inventories
MANILA, Philippines – Local pump prices increased by at least P1 per liter on Tuesday, May 26, as ongoing fuel supply disruptions due to the Middle East situation continue to push prices higher.
The Department of Energy (DOE) on Tuesday, May 26, announced a maximum pump price hike of P1.96 per liter for diesel, P1.60 for gasoline, and P1.45 for kerosene.
The previous week’s price adjustments triggered increases in gasoline prices by P1.20 to P1.21 per liter, while diesel prices also grew by around P2.80 to P2.82 per liter. Meanwhile, kerosene prices declined by around P2.11 per liter.
According to the DOE’s oil monitor as of May 19, Dubai crude prices rose by around $3 per barrel. International prices of gasoline and diesel increased by around $3 and $5 per barrel, respectively, while kerosene dropped by around $2.50 per barrel.
The DOE expects prices in crude markets to remain high amid tightening global inventories, a widening supply deficit, and continued risks surrounding the Strait of Hormuz due to the situation in the Middle East.
“Geopolitical developments remain a key swing factor, with the market hopeful that high-level discussions between major powers could help ease Iran-related tensions and provide clearer signals on energy flows through the Strait of Hormuz,” the DOE wrote.
The energy department further noted that gasoline and diesel markets firmed as the United States tightened inventories amid US President Donald Trump’s rejection of Iran’s counterproposal for a peace agreement. – Rappler.com
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