Fuel prices across the country are forecast sharply higher next week, with gasoline projected to rise by ₱2.30–₱2.50 per liter and diesel by as much as ₱3.40–₱3.60 per liter, according to Jetti Petroleum Inc. president Leo Bellas. This marks potentially the steepest hike this year, surpassing the ₱1.80 per liter adjustment in gasoline recorded on 17 June.
Bellas attributes the projected spike to growing geopolitical tensions, particularly the Iran-Israel conflict, which has stoked fears of supply disruptions in the critical Strait of Hormuz. He emphasized that while crude supply is currently stable, the escalating hostilities impact global fuel availability and pricing.
The Department of Energy (DOE) and Oil Industry Management Bureau director Rino Abad, said the current price movement is driven largely by market speculation, not actual supply shortages. “It’s unfortunate that conflict arose. Otherwise, the trend would have remained downward,” Abad said, adding that local fuel depots remain sufficiently stocked.
Businesses and households alike are bracing for the impact. Transport operators and logistics firms face increased operating costs, while consumers feel the pinch through higher fares and commodities prices. To cushion the blow, the DOE is set to meet with major oil companies to expand existing fuel discount programs for public utility vehicles (PUVs) and other sectors.
Fuel prices in Metro Manila from 10 to 16 June 10–16 average ₱53.60 per liter for gasoline (RON 91) and ₱51.60 for diesel. Despite this week’s adjustments, prices remain below January highs.
The DOE continues to monitor inventory levels at around a month’s worth of fuel across the major product categories, adequate for minor disruptions but not long-term crises.
