Metro Manila, Philippines – Motorists are bracing for a record-high jump in fuel prices this week, with diesel expected to exceed ₱100 per liter in many areas as shaky global oil markets suffer from the Middle East conflict.
The Department of Energy (DOE) announced Monday that oil companies will implement another round of double-digit price increases beginning March 17, pushing pump prices to some of the highest levels in the country.
Energy Secretary Sharon Garin said gasoline prices will rise between ₱12.90 and ₱16.60 per liter, diesel between ₱20.40 and ₱23.90, and kerosene between ₱6.90 and ₱8.90.
Oil companies will implement the increases on a staggered basis, meaning the adjustments will be spread out in days before the full amount is reflected.
“According to our calculation, diesel at the highest in Metro Manila would be at 114.90,” Garin said.
[Translation: DOE calculations show diesel prices could reach about ₱114.90 per liter in Metro Manila.]
Gasoline prices could be close to ₱90 per liter, depending on the station and fuel type.
The latest adjustments will add to the steep increase last week, when diesel prices rose by as much as ₱24 per liter, gasoline by up to ₱13 and kerosene by more than ₱38 per liter in some stations.
Garin says the country is seeing one of the highest fuel price increases, with diesel prices possibly topping ₱100 per liter in some areas beginning Tuesday, March 17.
“We have two of the highest jumps in oil price or oil price hike and we’re also at the most expensive,” Garin said.
The surge in fuel prices has been driven largely by tight supply as the conflict restricted a key waterway where a fifth of the world’s oil supply passes. Iran has closed the Strait of Hormuz in response to air strikes from the US and Israel.
Garin said the country has sufficient fuel supply until the end of April and until May if fuel consumption declines, but admitted that it is at the mercy of the market.
“The price is not really something that the Philippines or even the government can control because we are so dependent on importation,” Garin said.
[Translation: The Philippines cannot directly control fuel prices because it relies heavily on imported oil.]
Authorities are also monitoring fuel stations to prevent unnecessary storage and other abuses.
“Hoarding distorts the market… it is not good for our economy and not good for public transport drivers,” Garin said.
[Translation: Hoarding disrupts the fuel market and harms the economy and transport workers.]
She urged the public to conserve fuel and adopt more energy-efficient driving habits.
“Let’s all help each other. Let’s save on fuel. Let’s do energy-efficient driving. That will help the country,” she said.
