Fuel Prices Philippines: everything we know so far

Every Tuesday, fuel prices in the Philippines quietly reset. Fuel Prices Philippines has emerged this Friday as one of the stories drawing attention in Philippines.

Key facts

• Every Tuesday, fuel prices in the Philippines quietly reset.
• Check today's fuel prices in the Philippines — diesel, unleaded, and premium gasoline.
• Rising fuel prices in the Philippines have disrupted daily commutes, forcing people to ditch their cars for overcrowded trains and minibuses.
• TL;DR: Oil prices in the Philippines change every Tuesday, announced by the DOE every Monday.
• Even small monthly contributions to a Pag-IBIG MP2 account earn tax-free dividends, and that money compounds while fuel prices cycle through their next round of increases.

What we know

Going deeper, Check today's fuel prices in the Philippines — diesel, unleaded, and premium gasoline.

On the substance, Rising fuel prices in the Philippines have disrupted daily commutes, forcing people to ditch their cars for overcrowded trains and minibuses.

Beyond the headlines, TL;DR: Oil prices in the Philippines change every Tuesday, announced by the DOE every Monday.

More precisely, Even small monthly contributions to a Pag-IBIG MP2 account earn tax-free dividends, and that money compounds while fuel prices cycle through their next round of increases.

It is worth noting that Logistics players in the Philippines are warning that cost pressures caused by the fuel shock are likely to raise prices of basic goods ahead of a planned price hike by manufacturers that has already been delayed twice.

By the numbers

At this stage, (From left) Mr Omar Tigno, administrative and human resources head at Protege Logistics Philippines Inc, with truck drivers Joseph Gayoso and Marcelo Nablo Jr. at the company's garage in Cabuyao, the Philippines, on April 10.

On a related note, Diesel prices in the Philippines surged by around 50 per cent, pushing pump prices to as high as 151 pesos (S$3.15) per litre in some areas in early April before easing to about 100 pesos in recent weeks, with rollbacks of about 50 pesos per litre following a ceasefire in the Middle East.

Going deeper, At Protege Logistics Philippines Inc, which operates around 460 trucks serving clients that manufacture canned goods, personal products and products for a popular local fast-food chain, deliveries are still running as scheduled for now – but trucks are running with only half-filled fuel tanks.

On the substance, Large manufacturers are still able to cushion the impact for now through fuel surcharges and existing inventory, said Mr Pierre Curay of the Supply Chain Management Association of the Philippines, noting that some companies hold between 30 days and as much as six months of stock.

What they're saying

“The Philippines’ agricultural sector has yet to catch up with its fast-growing population, with the archipelago having the highest fertility rate in Asia,” the HSBC economists said.

“You can run only as many trips as your cash allows,” she said.

“There might come a time that even our trips to deliver essential goods and supplies would have to be lessened,” he said.

The wider context

On a related note, Fuel prices in the Philippines are updated weekly every Tuesday, based on official price bulletins from the Department of Energy (DOE).

Going deeper, new video loaded: Fuel Crisis Creates Commuter Crush in the Philippines.

On the substance, Compare prices from Shell, Petron, Caltex across Manila, Cebu, Davao, and 150+ cities.

Beyond the headlines, Oil companies buy fuel through supply contracts, not at spot prices on the day of your fill-up.

More precisely, the Bangko Sentral ng Pilipinas (BSP) monitors the exchange rate daily, but the Philippines has limited tools to shield consumers from currency-driven fuel cost increases outside of temporary subsidies.

The bottom line

• The Bangko Sentral ng Pilipinas (BSP) monitors the exchange rate daily, but the Philippines has limited tools to shield consumers from currency-driven fuel cost increases outside of temporary subsidies.
• Oil companies buy fuel through advance contracts, not at daily spot prices.
• Thinking per transaction, “P150 today, okay na,” fails when prices spike two weeks running.