Philippines Gasoline Prices Drop as G7 Releases Oil Reserves
Philippine gasoline prices are projected to fall by up to P4.20 per liter next week amid increased refinery production and a G7 oil release.
Gasoline prices in the Philippines are projected to decrease by P4 to P4.20 per liter next week, while diesel prices are expected to rise by P0.20 to P0.40 per liter. These shifts follow the reopening of several Asian refineries after seasonal maintenance and a plan to increase diesel market availability. The projections are based on trading data from the Mean of Platts Singapore, the regional pricing benchmark.
Shell Pilipinas and other industry actors are monitoring broader global trends as G7 countries agreed to release 100 million barrels of petroleum to stabilize supplies. In the United States, the Energy Information Administration forecasts that national average gasoline prices, currently $4.33 per gallon, could drop below $4 by December 2026. However, the agency noted that this forecast faces above-average uncertainty due to tight inventories and geopolitical tensions involving Russia, Ukraine, and Iran.
Domestically, the Philippine government is facing pushback over proposals to establish a strategic petroleum reserve. Shell Pilipinas expressed skepticism regarding the plan, citing a projected cost of P30 billion. Independent director Edgar Chua argued that such reserves are intended for rich countries and questioned whether the Philippines could afford the investment.
