Philippines fuel prices: Diesel up PHP 1.20, gasoline down PHP 0.30

The Philippine Department of Energy (DOE) announced fuel price adjustments effective October 27, featuring a PHP 1.20 per liter increase for diesel and a PHP 0.50 per liter increase for kerosene. Conversely, gasoline prices are set to decrease by PHP 0.30 per liter.

Diesel price hikes come as motorists prepare for the Undas holiday travel rush. The cumulative increase for diesel over the last two weeks has reached PHP 3.80 per liter. Gasoline users have seen a two-week cumulative rollback of PHP 4.60 per liter. Industry observers noted that heightened tensions in the Middle East have contributed to higher global oil prices due to potential supply disruptions.

To mitigate supply risks, the DOE is exploring overseas fuel reservation arrangements. Through the Philippine National Oil Company Exploration Corporation (PNOC EC), the government is negotiating with private companies for offshore reservations. This “ticketing” system would allow the government to pay reservation fees to secure access to petroleum products during disruptions. Additionally, PNOC aims to complete its first domestic storage tank in Bataan by the end of 2027.