Ouch sa Bulsa: Gas Prices Jump ₱1.90/Liter as US-Iran Conflict Sends Oil Prices Soaring
Motorists across the Philippines are feeling the pinch yet again as fuel prices shot up for the eighth straight week — this time by a whopping ₱1.90 per liter for gasoline, ₱1.20 for diesel, and ₱1.50 for kerosene, effective 6 a.m. Tuesday, March 3.
Major oil companies including Caltex (Chevron Philippines), Petron, Shell Pilipinas, and Seaoil all confirmed the price hikes in separate advisories. Cleanfuel, Petro Gazz, PTT Philippines, and Unioil followed suit — though Cleanfuel's increase kicks in slightly later at 4:01 p.m.
The culprit behind these relentless increases? The escalating US-Iran conflict. US-Israeli airstrikes killed Iranian Supreme Leader Ayatollah Ali Khamenei over the weekend, sending global oil markets into turmoil. The Department of Energy had already projected increases of over ₱1 per liter heading into this week.
Year-to-date, gasoline prices have climbed a net ₱4.80 per liter. Diesel is up a staggering ₱8.20, and kerosene ₱6.20 — devastating numbers for jeepney and tricycle operators, as well as ordinary commuters who rely on affordable public transport. Diesel, which powers most PUVs, has now seen 10 consecutive weeks of price hikes.
With tensions in the Middle East showing no signs of cooling down, analysts warn that more increases could be on the way — a grim outlook for Filipino households already stretched thin by inflation.
Source: GMA News Online
