Philippine Diesel and Kerosene Prices to Drop for Third Week, Gasoline to Increase Slightly

Pump prices for diesel and kerosene in the Philippines are set to decrease for the third consecutive week, while gasoline prices will see a slight increase. 71 per liter for kerosene for the week of April 28 to May 4, 2026. 53 per liter during the same period.

77 per liter. Most public utility jeepneys and delivery trucks in the Philippines run on diesel.

Energy Secretary Sharon Garin stated on April 20, 2026, that the Philippines’ diesel supply was good for 52 days.

Energy Secretary Sharon Garin said on April 21, 2026, that the price rollbacks announced by the government are the prescribed minimum price reductions. Oil companies can implement price cuts higher than the minimum but not lower. Rappler reported these adjustments amid broader market shifts.

The US-Israel war on Iran began on February 28, 2026. Before the war, the common price of diesel in the National Capital Region was P55 per liter. 47 per liter.

The government has been prescribing price reductions based on the declaration of a state of national energy emergency. The Department of Energy stated in its April 21, 2026, oil monitor that crude prices softened as risk sentiment improved following a temporary ceasefire between Israel and Lebanon.

The Department also noted renewed optimism over the potential reopening of the Strait of Hormuz ahead of planned US-Iran talks.

The Department of Energy stated in the same monitor that the Asian diesel market remains supported but less tight as easing geopolitical risks temper sentiment. Limited volumes of South Korean cargoes have begun to re-emerge. However, the crude oil market is expected to remain highly volatile, supported by restricted tanker traffic through the Strait of Hormuz amid uncertainty over the duration and enforcement of the US blockade.

The Philippines imports nearly all its crude oil and refined petroleum products. Private oil companies such as Petron, Shell, Chevron, and independent oil players secure their supplies and set prices based on global market and local competition. The Department of Energy stated that prices reflect the costs of restocking fuel today at current market rates, not what was paid for the existing stock in the tank.

The Philippines has no strategic petroleum reserve. Petron’s general manager Luben Nepomuceno recommended to Philippine policy makers that the government put up a strategic stockpile.

Petron’s general manager Luben Nepomuceno stated that a strategic stockpile is a best practice in other countries to provide buffer stock and stabilize prices during periods of supply disruption. He added that a 90-day or three-month stockpile of 15 million barrels of crude would allow Petron to process 5 million barrels per month and produce 25 million liters daily.

Nepomuceno stated that such a 90-day stockpile of 15 million barrels of crude at the pre-war level of $60 per barrel would require an investment of P54 billion.