Fuel prices are poised for another sharp hike this Tuesday following a brief rollback last week, driven by escalating tensions in the Middle East and global supply constraints, a top industry official confirmed Sunday.
Leo Bellas, president of Jetti Petroleum, said gasoline rates could climb by P4 to P4.50 per liter, while diesel is seen rising between P4.50 and P5.50 per liter. These estimates reflect five full days of global market trading results and recent foreign exchange averages.
Bellas cited worsening US-Iran hostilities and renewed Israeli threats toward Tehran as key factors keeping oil prices high and supply risks elevated. Even with China relaxing refined product export rules, Asian fuel markets remain tight. Exports from the Middle East are limited by ongoing conflict, while Russian supplies face restrictions due to refinery disruptions. The peso’s recent weakening against the US dollar has further added to cost pressures, he noted. No projection was given for kerosene prices.
Global benchmark prices also signal upward pressure. As of Friday, Brent crude settled at $96.28 a barrel, while US West Texas Intermediate closed at $91.48. Market fears have grown amid fewer vessels transiting the Strait of Hormuz—a critical route handling over 20 percent of the world’s oil and gas exports—raising concerns about prolonged supply disruptions.
Last week, the Department of Energy (DOE) reported price reductions: P0.40 per liter for gasoline, P3.90 for diesel, and P3.84 for kerosene. Latest DOE data (August 25–31, 2026) puts NCR prices averaging P75.90 for RON 91 gasoline, P89.40 for diesel, and P118.10 for kerosene. These levels mark a steep jump from earlier this year—before Middle East tensions escalated—when prices averaged P53 (RON 91), P60.79 (diesel), and P84.67 (kerosene) in the February 24–March 2 period.
The expected price hike will directly impact households and businesses alike, raising transport costs, operational expenses for industries, and general living expenses across the country.
