Fuel prices jump by more than P1 per liter this week, marking the eighth straight week of increases for gasoline and the ninth for diesel and kerosene, as global tensions in the Middle East continue to push oil costs higher.
Oil firms raised pump prices by P1.90 per liter for gasoline, P1.20 for diesel and P1.50 for kerosene starting Tuesday morning. Companies such as Seaoil, PTT, Jetti and Caltex implemented the adjustments early in the day.
The Department of Energy (DOE) said the increases may not yet be the peak, as geopolitical tensions and missile strikes across the Middle East continue to affect global oil markets. Oil shipments passing through the Strait of Hormuz — a key route that carries over 20 percent of the world’s oil and gas supply — face safety concerns, adding uncertainty to supply flows.
Energy officials stressed that the Philippines, being a net fuel importer, has little control over global price movements. However, the DOE said it may ask oil firms to stagger any increase next week if adjustments exceed P3 per liter, a step previously taken to soften the impact on consumers.
So far this year, gasoline prices have gone up by a net P6.70 per liter, diesel by P9.40 and kerosene by P7.70. Latest DOE data showed that as of late February, pump prices in Metro Manila average P53 per liter for RON 91 gasoline, P60.79 for diesel and P84.67 for kerosene.
The DOE said fuel subsidies for public transport and agriculture are automatically triggered only if Dubai crude oil averages more than US$80 per barrel for a month. Current prices hover around US$70 to US$71 per barrel, below the threshold.
Senator Sherwin Gatchalian urged the government to review the subsidy formula. He proposed shifting from a fixed price threshold to a percentage-based trigger so aid can be released more quickly when prices spike. He noted that public utility vehicle (PUV) drivers are hit hard because fare increases must first be approved by the Land Transportation Franchising and Regulatory Board.
Business groups also warned of wider economic effects. Elizabeth Lee, chairperson of the Federation of Philippine Industries, said higher global oil prices could drive up transport, electricity and logistics costs, putting pressure on both households and manufacturers.
She said industries that rely on imported raw materials may face higher freight costs and longer delivery times. A stronger US dollar during global uncertainty could also raise import costs, especially for sectors such as manufacturing, aviation, food processing and tourism.
Lee added that if tensions drag on, inflation may stay elevated and growth could slow. She urged faster investment in renewable energy and measures to ease the cost of doing business to help cushion the impact on companies and consumers.
Despite the continuing price hikes, the DOE assured the public that the country’s fuel supply remains stable.
