THE Department of Energy (DOE) issued an advisory on Thursday indicating that local pump prices may see an upward adjustment in the coming week, largely driven by the continued weakening of the Philippine peso against the US dollar.
Energy Secretary Sharon Garin noted that while market monitoring has only covered a few days so far, the early indicators from global oil trading point toward a rising trend that could translate to higher costs for consumers in the days ahead.
In an interview with GMA News’ Unang Balita, Garin confirmed the emerging trend, saying: “Mukhang yung trend so far, sa bagay tatlong araw pa lang. Pero mukhang paakyat siya. So baka may oil price hike tayo next week.” She emphasized that although the data gathered is still limited, the direction of prices remains consistent with the upward movement observed in the international market, combined with the local currency’s depreciation which makes imports more expensive.
Industry observers and market sources also echo this outlook, projecting significant increases across different fuel types. Based on the Mean of Platts Singapore (MOPS) prices over the past two trading days, diesel rates could climb by approximately ₱1 to ₱3 per liter, while gasoline prices are expected to rise by around ₱1 to ₱2 per liter. These estimates reflect the volatility in global supply and demand dynamics, as well as the exchange rate fluctuations that directly affect the cost of bringing fuel into the country.
However, the DOE clarified that these figures remain preliminary and are subject to change depending on how prices perform in the final trading days of the week. Authorities are continuing to closely monitor developments and will only be able to confirm the exact amount of adjustments once market activity closes this Friday. As part of the standard industry practice, oil companies usually announce the official price changes every Monday, which are then implemented in gas stations nationwide the following day.
