Diesel Hits P114 Per Liter — PH Fuel Prices Now 'Most Expensive' Ever as Peso Nears P60:$1
Brace yourselves, mga kababayan — fuel prices in the Philippines just hit record highs that will make your gas station receipts look like credit card bills. Energy Secretary Sharon Garin confirmed that diesel prices have surged to as high as P114 per liter starting March 17, marking what the Department of Energy calls one of the steepest fuel price hikes in recent memory.
The numbers are staggering: diesel prices jumped by P20.40 to P23.90 per liter in a single week, while gasoline climbed by P12.90 to P16.60 per liter. Metro Manila consumers are now paying between P94 and P114 per liter for diesel depending on the station — and that gap matters because the deregulated system means every gas station sets its own price based on last week's inventory.
Major oil companies have already implemented their hikes. Shell raised diesel by P23.90 per liter and gasoline by P16.20 per liter. Seaoil followed with diesel up P23.30 per liter. The staggered rollout means some stations already adjusted while others like Petron and Flying V will follow by March 19. Island provinces like Batanes can expect even higher prices due to shipping costs.
Adding salt to the wound, the Philippine peso weakened to near the P60-per-dollar level on Monday, hitting a new record low. The Bangko Sentral ng Pilipinas reportedly intervened to prevent further collapse, but the double whammy of expensive oil and a weak currency is squeezing Filipino households from all sides.
The culprit? The ongoing Iran war and escalating tensions around the Strait of Hormuz, through which roughly 20% of the world's oil supply passes. As long as the conflict disrupts global energy markets, expect the pain at the pump to continue. Garin herself admitted these are the 'most expensive' fuel prices the Philippines has logged — and Tuesday's adjustment isn't likely to be the last.
Source: SunStar / Inquirer
