Gasoline prices projected to roll back on May 31 

Last Friday, May 27, the PH Fuel Watch Facebook page released the estimated price changes for gasoline and diesel that will take effect on Tuesday, May 31, 2022.  

Actual prices will vary depending on the fuel company

Gasoline prices are expected to roll back by as much as Php 2.10 per liter. Meanwhile, diesel is projected to post an increase of Php 0.45 per liter.  

With regards to the estimated gasoline price change, the report says that it's about half of the increase that was implemented last May 24, 2022. It’s a very slight consolation considering the general uptick in gasoline prices that has been going on for weeks now. 

For diesel, this is the third rollback since May 17. In that week, prices fell by Php 1.27 per liter. On May 24, its price also decreased by as much as Php 2.20 for every liter at the pumps.  

As with most fuel price fluctuations though, be aware that the actual gasoline and diesel prices by the target date will vary. This depends on the company selling the product, as well as where its being sold.  

The final price at the pump may also vary due to variances in global oil prices. And for those unaware, these are in flux right now due to many factors like limited supply options and the growing global demand. 

There’s also the fact that the usual big sources of oil aren’t as reliable as they used to be. For instance, there’s a war between Ukraine and Russia right now, and do note that the latter is one of the biggest fossil fuel suppliers in the world. 

Developing markets like the Philippines are at the mercy of global oil prices

As a result, huge markets like the United States are experiencing a significant decline in US distillate stocks, at least according to the US Energy Information Administration.  

To this end, markets like the US, EU, and China are scrambling on getting their hands on what oil is available. This of course drives prices upward, which in turn is bad news for emerging markets with far lesser buying power like the Philippines.  

So, sit back and tighten your belts, and stay updated with the latest automotive industry updates here on the Philippine’s largest automotive portal.