MANILA, Philippines — Fuel prices in the Philippines are expected to rise further amid the ongoing conflict between the United States and Iran, with pump prices already set to increase by nearly P2 per liter this week.
The latest hike marks the eighth consecutive week of increases for gasoline and the 10th straight week for diesel and kerosene.
Oil firms will increase gasoline prices by P1.90 per liter, diesel by P1.20 per liter and kerosene by P1.50 per liter starting Tuesday, March 3.
Global oil markets have been reacting over the past two months to developments in US-Iran nuclear talks, especially after US President Donald Trump threatened military action should Iran proceed with its nuclear plans.
Recent increases in fuel prices were driven by concerns over potential supply disruptions, with the Strait of Hormuz — a critical Middle East shipping lane — at risk of closure.
Now that negotiations collapsed, the United States and Israel launched a joint strike on Iran’s nuclear facilities and missile sites on February 28, a move that led to Iranian airstrikes on US and Israeli military bases in the Middle East.
DOE convenes oil firms. On Monday, March 2, the Department of Energy said it called an emergency meeting with oil firms to discuss contingency plans that would secure the Philippines’ oil supply in the coming weeks should the Strait of Hormuz remain closed as tensions potentially escalate between the US, Israel and Iran.
Impact. Last week, fuel prices rose by P1.20 per liter for diesel and kerosene, while P0.60 per liter for gasoline.
With this week’s hike, gasoline now costs P6.70 more per liter compared to last year, while diesel is up P9.40 per liter and kerosene P7.70 per liter.
Further increases will likely depend on how long geopolitical tensions continue and whether major oil transit routes remain operational.
