The price of gasoline is set to rise again, effective tomorrow, May 25, 2020. The price per liter of gasoline will increase by PhP1.75 per liter.
Pilipinas Shell announced the price increase this afternoon, with many other fuel companies expected to adopt similar price adjustments tomorrow.
This is the second consecutive week of fuel price increases as middle eastern and OPEC partner oil producers have reduced oil production and reduce exports in a bid to rebalance the oil market. Since the coronavirus outbreak, demand for fuel has been low due to many countries around the world enacting quarantine measures to prevent the spread of the virus.
Oil prices are beginning to rebound as a result of reduced production and decreased imports in response to weakened demand from consumers.