Fuel prices spike up today

Fuel prices spike up today

MANILA: Fuel prices shoot up for two consecutive weeks as oil companies are set to enforce adjustments beginning today, May 19. This is following the announcement of the national government regarding the implementation of the modified enhanced community quarantine (MECQ) in Metro Manila and other high-risk areas, and the general community quarantine (GCQ) in most provinces in the country.

More private vehicles and tricycles are now allowed to travel since most public and private establishments have opened since May 16. As such, fuel companies are set to increase kerosene costs by Php2.35 per liter, gasoline costs by Php1.25 per liter, and diesel costs by Php0.55 per liter.

For May, the cumulative increase in kerosene is at Php3.60 per liter, Php4.00 per liter for gasoline, and Php2.45 per liter for diesel.

The fuel price hike mirrors the movement of oil prices in the global market. Oil prices worldwide have begun to increase this May since oil exporters and producers have agreed to lessen their production to 10 million barrels a day until June.

On May 18, global oil prices spiked up by more than US$1.00 per barrel to their highest in over a month. Aside from the output cuts, signs of a steady recovery in terms of fuel demand have been seen. This is because more countries like the Philippines have eased the restrictions enforced to contain the spread of the COVID-19 pandemic.

To date, West Texas Intermediate (WTI) crude had a trade at USD$30.77 a barrel, increasing from USD$24.74 per barrel last week.

An increase in Brent crude price up to USD$33.78 per barrel from the price last week of USD$30.87 per barrel was also observed.

The production cuts of the Organization of the Petroleum Exporting Countries (OPEC) also support the oil price hike.

Saudi Arabia, as the leading oil exporter in the world, confirmed two weeks ago that it would have a production cut of an additional 1 million barrels a day in June. Meanwhile, OPEC+ (OPEC and its allies, including Russia) prefers to keep current oil cuts beyond June until their next meeting.

Photo from Shell

Also read: Fuel prices go up big today, Duterte to raise tax on oil products by 10%; gas price up, diesel down

 

Prim Lamaroza

Prim Lamaroza

Primrose Dianne A. Lamaroza (Prim Lamaroza) is one of the current content writers of Zigwheels Philippines. She writes news and feature articles for the automotive site. Prior to this, she has been involved in several freelance writing projects for American, British, Australian, and Filipino websites. She was able to write articles for numerous niches, which include real estate, lifestyle, food and drink, travel, health and wellness, science, education, and vocational jobs, among others. She also writes poems, short stories, and novels during her free time. She was able to publish two fiction novels since 2014 under the penname, Emerald Blake.

Read Full Bio

Sell your car at the best price

Verified and genuine buyers Verified and genuine buyers
Free listing Free listing
List your car

PIMS 2024

You might also be interested in

  • News
  • Featured Stories
  • Upcoming
  • Geely Coolray 2024
    Geely Coolray 2024
    ₱1.199 - 1.299 Million Expected Price Manila
    Expected Launch TBA Alert Me When Launched
  • Kia Carens 2024
    Kia Carens 2024
    ₱1.57 Million Expected Price Manila
    Expected Launch Nov, 2024 Alert Me When Launched
  • Toyota Vios 2024
    Toyota Vios 2024
    ₱832,000 Expected Price Manila
    Expected Launch TBA Alert Me When Launched
  • Omoda E5 ev
    Omoda E5
    ₱1.9 Million Expected Price Manila
    Expected Launch Nov, 2024 Alert Me When Launched
  • MG ZS 2024
    MG ZS 2024
    ₱1.049 Million Expected Price Manila
    Expected Launch Nov, 2024 Alert Me When Launched

Latest Car Videos on Zigwheels

Zigwheels
  • What's In Your Two Car Dream Garage? | Zigwheels.Ph with Nissan Philippines
    What's In Your Two Car Dream Garage? | Zigwheels.Ph with Nissan Philippines
    05 Nov, 2024 .
  • Top 10 EVs with the Longest Ranges in the Philippines | Z-List S02E01 | Zigwheels.Ph
    Top 10 EVs with the Longest Ranges in the Philippines | Z-List S02E01 | Zigwheels.Ph
    05 Nov, 2024 .
  • 2024 MG ZS First Look + More | Zigwheels.Ph
    2024 MG ZS First Look + More | Zigwheels.Ph
    05 Nov, 2024 .
  • 2024 PIMS Launch Recap | Zigwheels.Ph
    2024 PIMS Launch Recap | Zigwheels.Ph
    05 Nov, 2024 .
  • 2024 Lexus IS300H POV Driving Review | ZIGWHEELS.PH
    2024 Lexus IS300H POV Driving Review | ZIGWHEELS.PH
    05 Nov, 2024 .
  • 2025 Changan Hunter REEV First Look | Zigwheels.Ph with Changan Auto Philippines
    2025 Changan Hunter REEV First Look | Zigwheels.Ph with Changan Auto Philippines
    29 Oct, 2024 .
  • BEYOND ZERO Toyota Corolla Cross H2 Hydrogen Combustion Prototype Exclusive Look | Zigwheels.Ph
    BEYOND ZERO Toyota Corolla Cross H2 Hydrogen Combustion Prototype Exclusive Look | Zigwheels.Ph
    29 Oct, 2024 .
  • 2024 BYD Seal First Look | Zigwheels.Ph
    2024 BYD Seal First Look | Zigwheels.Ph
    29 Oct, 2024 .
  • 2024 Changan CS35 Plus Luxe | Zigwheels.Ph with Changan Auto Philippines
    2024 Changan CS35 Plus Luxe | Zigwheels.Ph with Changan Auto Philippines
    24 Oct, 2024 .
  • 2025 Chevrolet Captiva First Look | The 100,000 km Family 7-seater MPV! | Zigwheels.Ph
    2025 Chevrolet Captiva First Look | The 100,000 km Family 7-seater MPV! | Zigwheels.Ph
    24 Oct, 2024 .
Watch Car Videos

Car Articles From Carmudi

  • journal
  • advice
  • financing
  • insurance
  • Firms to implement price hikes on diesel, kerosene, cut on gasoline
    Firms to implement price hikes on diesel, kerosene, cut on gasoline
    Ruben Manahan IV, Nov 04, 2024
  • 2024 PIMS draws 42K attendees
    2024 PIMS draws 42K attendees
    Ruben Manahan IV, Nov 04, 2024
  • Hyundai Motor PH, ANC+ Group forge alliance
    Hyundai Motor PH, ANC+ Group forge alliance
    Ruben Manahan IV, Nov 04, 2024
  • Inchcape to update Ram 1500 Rebel in PH
    Inchcape to update Ram 1500 Rebel in PH
    Paulo Papa, Oct 31, 2024
  • Suzuki PH offers helping hand to Typhoon Kristine-hit customers with special discounts
    Suzuki PH offers helping hand to Typhoon Kristine-hit customers with special discounts
    Paulo Papa, Oct 31, 2024
  • Buying a used car in the Philippines? Here’s how to dodge scams
    Buying a used car in the Philippines? Here’s how to dodge scams
    Carmudi PH, Oct 16, 2024
  • All you need to know about seatbelts: Rules, penalties, & more
    All you need to know about seatbelts: Rules, penalties, & more
    Carmudi PH, Oct 14, 2024
  • Need help accessing your LTMS account? Here’s how you can recover it
    Need help accessing your LTMS account? Here’s how you can recover it
    Carmudi PH, Oct 09, 2024
  • Surviving the monsoon: 7 Best practices for driving in low visibility
    Surviving the monsoon: 7 Best practices for driving in low visibility
    Carmudi PH, Oct 07, 2024
  • Changing the clutch type: Here's how you can modify your driver's license
    Changing the clutch type: Here's how you can modify your driver's license
    Carmudi PH, Oct 04, 2024
  • Top 15 banks for affordable car loans in the Philippines
    Top 15 banks for affordable car loans in the Philippines
    Carmudi PH, Oct 10, 2024
  • Car loans made simple for OFWs: Everything you need to know
    Car loans made simple for OFWs: Everything you need to know
    Carmudi PH, Oct 03, 2024
  • Car Loan Restructure: Everything a Filipino needs to know before applying
    Car Loan Restructure: Everything a Filipino needs to know before applying
    Carmudi PH, Oct 02, 2024
  • Pitfalls to avoid when refinancing auto loan in the Philippines
    Pitfalls to avoid when refinancing auto loan in the Philippines
    Carmudi PH, Sep 24, 2024
  • Car loan scams in the Philippines: Applicants be aware
    Car loan scams in the Philippines: Applicants be aware
    Carmudi PH, Sep 19, 2024
  • No car insurance? Here’s what all wrong can happen in the Philippines
    No car insurance? Here’s what all wrong can happen in the Philippines
    Carmudi PH, Oct 29, 2024
  • All you need to know about taking photos after a car accident in the Philippines
    All you need to know about taking photos after a car accident in the Philippines
    Carmudi PH, Oct 29, 2024
  • Here’s how to easily obtain car insurance quotes online
    Here’s how to easily obtain car insurance quotes online
    Carmudi PH, Oct 23, 2024
  • Modified car insurance in the Philippines: All you need to know
    Modified car insurance in the Philippines: All you need to know
    Carmudi PH, Oct 21, 2024
  • 8 Must-ask questions before buying car insurance
    8 Must-ask questions before buying car insurance
    Carmudi PH, Oct 18, 2024

Compare

You can add 3 variants maximum*