Manila Times
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Sunday, Jun 21, 2026
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Global Oil Prices Experience Moderate Decline in Early May
Significant reductions in petroleum prices announced in the Philippines following previous increases as production dynamics shift.
In early May 2023, oil prices saw a modest decline, providing relief to motorists and consumers after a spike observed in late April.
Effective May 6, several oil companies in the Philippines, including Shell Pilipinas, Seaoil, and Caltex, announced reductions in prices across various petroleum products.
Gasoline prices will decrease by ₱0.55 per liter, while diesel prices will be adjusted down by ₱0.65 per liter, and kerosene prices will drop by ₱0.90 per liter.
This recent downturn follows a week in which gasoline prices previously increased by ₱1.35 per liter, diesel rose by ₱0.80 per liter, and kerosene experienced a rise of ₱0.70 per liter.
Analysts had indicated that an oversupply in the global oil market was anticipated, particularly with new production expected from the Middle East.
According to the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB), there has been a notable increase in crude oil production in the United States, which climbed by 0.8 million barrels recently.
Meanwhile, Saudi Arabia has suggested the possibility of augmenting its output to enhance its market share as OPEC+ member states reassess their production strategies, potentially leading to an oversupply.
Jetti Petroleum also highlighted additional output cuts from other oil-exporting countries as part of OPEC+, which may further influence supply dynamics in the market.
Concerns have emerged regarding the impact of reciprocal tariffs imposed by the United States, which are perceived to have the potential to hamper global economic growth, thereby diminishing fuel demand.
On a geopolitical front, US sanctions against Iran are predicted to restrict its oil exports, which may also result in fluctuations in prices for consumers worldwide.
Effective May 6, several oil companies in the Philippines, including Shell Pilipinas, Seaoil, and Caltex, announced reductions in prices across various petroleum products.
Gasoline prices will decrease by ₱0.55 per liter, while diesel prices will be adjusted down by ₱0.65 per liter, and kerosene prices will drop by ₱0.90 per liter.
This recent downturn follows a week in which gasoline prices previously increased by ₱1.35 per liter, diesel rose by ₱0.80 per liter, and kerosene experienced a rise of ₱0.70 per liter.
Analysts had indicated that an oversupply in the global oil market was anticipated, particularly with new production expected from the Middle East.
According to the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB), there has been a notable increase in crude oil production in the United States, which climbed by 0.8 million barrels recently.
Meanwhile, Saudi Arabia has suggested the possibility of augmenting its output to enhance its market share as OPEC+ member states reassess their production strategies, potentially leading to an oversupply.
Jetti Petroleum also highlighted additional output cuts from other oil-exporting countries as part of OPEC+, which may further influence supply dynamics in the market.
Concerns have emerged regarding the impact of reciprocal tariffs imposed by the United States, which are perceived to have the potential to hamper global economic growth, thereby diminishing fuel demand.
On a geopolitical front, US sanctions against Iran are predicted to restrict its oil exports, which may also result in fluctuations in prices for consumers worldwide.
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