DOE Warns of Looming Oil Price Hike Amid Weakening Peso
MANILA, Philippines — Motorists and transport groups should prepare for a reversal in fuel price trends as the Department of Energy (DOE) announced on Thursday, April 30, that an oil price increase is "likely" for the first week of May.
The projected hike follows a turbulent week for the local currency. On Wednesday, April 29, the Philippine peso touched a new record intraday low of P61.62 against the US dollar. Because petroleum products are traded in dollars, the continued depreciation of the peso significantly raises the cost of importing fuel into the country.
Estimated Adjustments Based on the first four days of trading in the Mean of Platts Singapore (MOPS)—the regional pricing benchmark—industry sources and the DOE provide the following forecast for price adjustments effective Tuesday, May 5, 2026:
Diesel: Increase of P1.00 to P3.00 per liter
Gasoline: Increase of P1.00 to P2.00 per liter
"The weakening of the peso is a primary driver for this upward movement," the DOE stated. "While we saw significant rollbacks earlier this week, the external pressure from the dollar and global market volatility in the Middle East continue to impact our domestic pump prices."
Monitoring Continues The DOE emphasized that these figures are still estimates based on partial trading. The final price adjustment will be determined after Friday’s trading results are finalized.
This looming hike comes at a sensitive time for the economy, as the country remains under a state of national energy emergency (Executive Order No. 110) due to ongoing geopolitical tensions in the Middle East. While President Marcos Jr. recently signed measures to reduce excise taxes on LPG and kerosene, gasoline and diesel remain highly sensitive to global price shifts and currency fluctuations.
Fuel companies are expected to make their formal announcements on Monday, May 4, with the new rates taking effect at 6:00 AM the following day.
