Local fuel prices are expected to increase again this week, with possible further spikes due to worsening tensions in the Middle East.
Jetti Petroleum Inc. said gasoline prices may go up by P1.70 to P1.90 per liter, while diesel could rise by P0.90 to P1.10 per liter, based on last week’s global oil trading.
However, company president Leo Bellas warned that the increases could be higher than initially projected. He said recent airstrikes in the Middle East may push up freight and premium costs, which are factored into pump prices. Final price adjustments are expected once oil trading resumes.
The ongoing conflict has also led to the closure of the Strait of Hormuz, a key global oil shipping route that handles more than 20 percent of the world’s fuel and gas shipments. Disruptions in this area often lead to higher global oil prices.
Aside from geopolitical tensions, lower fuel exports from China and South Korea due to reduced production during the Lunar New Year holidays have also tightened supply.
Meanwhile, Rodela Romero of the Department of Energy said kerosene prices may increase by at least P0.90 per liter, based on the agency’s four-day trading monitor.
The expected hike follows last week’s across-the-board increase of P0.60 per liter for gasoline and P1.20 per liter for both diesel and kerosene.
Fuel prices have been rising steadily since the start of the year. Gasoline has gone up for seven straight weeks, while diesel and kerosene have each increased for eight consecutive weeks.
So far in 2026, gasoline prices have risen by a net P4.80 per liter. Diesel prices are up by P8.20 per liter, while kerosene has increased by P6.20 per liter.
As of February 24 to March 2, average pump prices in the National Capital Region stood at P53 per liter for RON 91 gasoline, P60.79 for diesel, and P84.67 for kerosene.
Higher fuel prices are expected to push up transport and delivery costs, which could lead to higher prices of food and other basic goods. Public transport operators may also seek fare increases if diesel prices continue to climb.
For households, rising fuel and kerosene costs could strain budgets, especially for families that rely on private vehicles or use kerosene for cooking and lighting. Businesses, particularly those in logistics, agriculture, and manufacturing, may face higher operating expenses that could be passed on to consumers.
