Oil prices seen to go up by over P1 next week

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May 22, 2026 | 3:54pm

MANILA, Philippines — There’s a high chance that pump prices may increase by P1.00 to P1.50 next week, according to the Department of Energy (DOE).

The forecasted pump price increase are as follows:

• Diesel: P1 to P1.30 per liter
• Gasoline: P1.20 to P1.50 per liter

The DOE noted, however, that this is just an estimate and may change over the weekend. 

“Ito nga lang ay estimate. So titignan pa ho natin kung anong magiging final adjustment this Saturday,” DOE Oil Industry Management Bureau Director Rino Abad said in an interview with DZMM on Friday, May 22.

(This is just an estimate. We will see about the final adjustments this Saturday.)

P10 fuel discount for PUVs

Meanwhile, more than 900 gas stations are already participating in the P10 fuel discount subsidy program for land-based public utility vehicles (PUVs), according to Abad.

The fuel discount system will replace the Service Contracting Program (SCP) of the Land Transportation Franchising and Regulatory Board (LTFRB), which is about to end at 11:59 p.m on Friday, May 22.

Abad also said that they are aiming to make this discount system permanent so it can also be used in the future. 

“Ito ang pinakamaigi na sistema na nangyari for  the longest time kaysa naman doon sa namimigay ka ng cash,” Abad said.

(This is the best system that has happened for the longest time compared to just giving out cash.)

A report from the Philippine News Agency (PNA) said that more than 100,000 jeepneys and UV express have been approved for the subsidy program.

Changes in oil prices, as well as their effects on the transport and commuter sector, are brought by the ongoing conflicts in West Asia after the US-Israel attacked Iran in late February this year.