MANILA (UPDATE) -- Gasoline and diesel prices may go up in the second week of April, the Department of Energy said Friday.

Based on the first 4 trading days, gasoline and diesel prices in the Mean of Platts Singapore rose by less than P0.50/liter:

Gasoline   P0.24/L increase

Diesel       P0.21/L. increase

Kerosene  (no price change)

But it is also possible that fuel prices will not move next week as various markets were down after the US imposed large tariffs on products from many countries, including its allies. Bellas said the higher tariff dampened fuel prices in the world market, so it is possible that oil prices are going to go down further today, wiping out the increase in the first 4 trading days of the week.

For Bellas, it's either no movement for next week or a slight increase in the second week of April.

Energy Assistant Director III Rodela Romero of the Oil Industry Management Bureau said the tariffs have caused a drop in oil prices on concerns that an economic downturn would hit demand.

“Mukhang pababa kasi sabi nga nila ang impact nitong trade war maaaring maka-dampen ng global gross economy ng bawat bansa. Hihina ang demand (It looks like oil prices will go down because of the impact of this trade war which can dampen the economy of each country. Demand will fall.),” she said.

Crude oil prices fell more than five percent on Friday, with Brent North Sea, the international benchmark, reaching $66.64 per barrel after already hitting the lowest level since December 2021 while US contract WTI dropped to $63.45.

The Philippines reacted with "guarded optimism" Thursday to Trump's sweeping tariffs, saying higher rates placed on its neighbors could present an opportunity. The country, which is a long-time US ally, was hit with a reciprocal levy of 17 percent, though the Department of Trade and Industry (DTI) noted the country ranked among "the least hit".

"As we have expected, the Philippines is among the least hit among key exporters to the US," it said, noting significantly higher tariffs placed on Vietnam (46 percent), Thailand (36 percent) and Taiwan (32 percent).

"The new tariffs also put the Philippines in a more advantageous position, specifically for certain export products," said trade secretary Cristina Roque, citing coconuts as a possibility.

"The task at hand right now for DTI and other government agencies is how to act fast and take advantage of this new development," she said.

While the percentage of Philippine GDP derived from exports is significantly lower than its neighbours, Roque said the United States remained a "crucial export market".

US Embassy data shows Washington's trade goods deficit with Manila stood at $4.9 billion in 2024, up 21.8 percent on-year. With Agence France-Presse