Brace Yourselves: Diesel Up ₱18, Gas Up ₱15 Next Week as Middle East Crisis Worsens
Motorists and commuters across the Philippines are about to feel the squeeze even harder, as another massive round of fuel price hikes is expected next week. Based on early trading data, diesel could go up by as much as ₱18.7 per liter, while gasoline is projected to climb by ₱14.5 to ₱15.5 per liter.
The relentless surge in pump prices is being driven by ongoing supply volatility in Asia, made worse by the escalating conflict in the Middle East. Iran’s new supreme leader has ordered forces to keep the Strait of Hormuz closed following devastating attacks on Gulf energy targets — and that’s sending shockwaves through global oil markets.
There’s a sliver of hope, though. US President Donald Trump recently suggested the hostilities could end sooner than feared, which briefly pulled back global benchmarks. Kerosene, which took an insane ₱38.5/liter jump this week, might actually see a small rollback of about ₱1.30 next week. Small consolation, pero something.
Traders are also watching Russia’s oil re-enter the global market after certain sanctions were relaxed, which could ease prices in the coming sessions. But with attacks on commercial vessels in the Strait of Hormuz still happening, the risk of another rebound remains very real.
For now, domestic oil firms are set to implement staggered price adjustments on Friday, March 13: gasoline up ₱1/liter, diesel up ₱2.50-₱3/liter, and kerosene up ₱5.5/liter. That puts gasoline at ₱63.9 to ₱72.9 per liter and diesel at ₱70.5 to ₱84.75 per liter. Mahal na talaga.
Source: Manila Bulletin
