The Daily Tribune
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Diesel prices in the Philippines are expected to increase by nearly P4 per liter due to escalating geopolitical tensions in the Middle East impacting global oil markets.
Preliminary data indicates diesel prices would be higher by around P3.40 to P3.60 per liter, and gasoline by P2.30 to P2.50 per liter, both exceeding the price adjustments implemented earlier this week.
Jetti Petroleum President Leo Bellas cited growing uncertainty around the Iran-Israel hostilities and potential disruptions in the Strait of Hormuz as the primary drivers of the price surge.
The Strait of Hormuz is a critical chokepoint for global oil supply, and any disruption there could lead to further increases in international fuel prices and affect local pump costs.
This projected price hike follows a recent adjustment where local oil companies increased gasoline and diesel prices by P1.80 per liter and kerosene by P1.50 per liter.
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Motorists in the Philippines are set to face significant fuel price increases starting Tuesday, June 24.
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Fuel prices are expected to rise by almost P2 per liter for diesel and gasoline next week due to Israel's attacks on Iran and ongoing geopolitical tensions.
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Pump prices for gasoline and diesel will increase by P1.80 per liter, while kerosene will go up by P1.50 per liter starting Tuesday, June 17, 2025.
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The United States bombing of Iran's nuclear facilities is causing concerns about a significant increase in global oil prices, potentially impacting import-reliant economies like the Philippines.
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Local oil companies have agreed to implement fuel price increases in two tranches this week to lessen the burden on consumers, following discussions with the Department of Energy (DOE).
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