Masakit Na Naman: Gas Prices Jump ₱1.90/Liter, Diesel ₱1.20 — 8th Straight Week of Hikes as Iran War Rages

Brace yourselves, motorists — another painful week at the pump. Caltex, Petron, Seaoil, Shell, Cleanfuel, Petro Gazz, PTT Philippines, and Unioil all announced price hikes effective 6 AM Tuesday, March 3: gasoline goes up ₱1.90 per liter, diesel by ₱1.20, and kerosene by ₱1.50.

This marks the 8th consecutive week of gasoline price increases and the 10th straight week for diesel and kerosene. The culprit? The escalating US-Iran conflict, which has sent global crude oil prices surging as the Strait of Hormuz remains a danger zone for international shipping.

Year-to-date, fuel prices have now climbed by approximately ₱6.70 per liter for gasoline, ₱9.40 for diesel, and ₱7.70 for kerosene. For jeepney drivers, delivery trucks, and ordinary commuters, the cumulative impact is brutal — and there's no end in sight as long as the Middle East conflict continues.

The DOE's Oil Industry Management Bureau had projected increases of over ₱1 per liter for this week, but the actual hikes exceeded expectations. The department held an emergency meeting with oil firms on Monday to discuss staggered increases and possible promos to ease the blow.

With Trump declaring that combat operations in Iran will continue 'until all objectives are achieved,' Filipino consumers should prepare for more pain at the pump in the coming weeks. The DOE said local firms still have 1-2 months of oil inventory, but that buffer is shrinking fast.

Source: GMA News