Metro Manila, Philippines – Local petroleum companies on Monday have advised motorists of a big-time price hike in oil products effective Tuesday, March 3.
The following price adjustments will apply:
- Gasoline – P1.90/L
- Diesel – P1.20/L
- Kerosene – P1.50/L
The fuel price movement marks the 10th consecutive week of increase for diesel and kerosene, and the eighth for gasoline.
Geopolitical tensions between US and Iran, which have escalated into broader conflicts in the Middle East, and higher demand remain to be a significant factor in the increasing pump prices as cited by Energy officials.
Shell Pilipinas Corp., SEAOIL and Caltex said they will implement the adjustments. CleanFuel and PetroGazz will apply the same increases, except for kerosene, which they don’t offer.
Other fuel companies have yet to announce changes in their fuel pricing.
Meanwhile, Palace Press Officer Claire Castro stated in a press briefing that Energy Secretary Sharon Garin will hold an emergency meeting on Monday afternoon with oil companies.
The meeting aims to discuss the potential impact of the ongoing Middle East conflict on the local oil supply.
Fuel subsidy
Transportation acting Secretary Giovanni Lopez has instructed the road sector to begin documenting and processing fuel subsidies for qualified beneficiaries. The distribution will be triggered once the $80 per barrel threshold for global crude oil is breached.
The national government has allocated P2.5 billion in the 2026 budget for the fuel subsidy program.
