Fuel prices in the country are expected to increase again this week, driven by global oil market pressures linked to ongoing conflict in the Middle East.
A local fuel retailer said gasoline prices may go up by ₱3 to ₱5 per liter, while diesel could rise sharply by ₱17 to ₱19 per liter. The increase is due to tighter diesel supply and strong global demand, which continue to push prices higher.
The situation is worsened by limited access through the Strait of Hormuz, a key global oil route that handles over 20 percent of the world’s fuel shipments. As long as passage remains uncertain, supply is expected to stay tight and prices elevated.
Estimated pump prices this week may reach:
• Gasoline (RON 91): ₱84.65 to ₱109.10 per liter
• Diesel: ₱126.50 to ₱163.80 per liter
The Department of Energy (DOE) said Iran has assured safe passage for ships carrying fuel to the Philippines. However, Energy Secretary Sharon Garin noted that this will not immediately bring down prices.
The DOE said the agreement helps reduce supply disruption risks and improves safety for shipments and Filipino seafarers, but global uncertainties remain.
Energy experts said the Philippines will continue to face high fuel costs since it relies on imported oil priced under crisis conditions. Increased electricity demand during the summer may also add pressure.
An economist also warned that possible new tensions involving the United States and Iran could further drive up oil prices, affecting inflation and economic growth.
Meanwhile, Senator Sherwin Gatchalian urged the government to prepare financial aid measures in case the crisis continues. Proposed support includes cash assistance for workers, low-income families, and vulnerable households, which could cost billions of pesos if fuel prices remain high.
