Motorists should brace for a sharp increase in fuel prices next week, with diesel expected to rise by nearly P5 per liter—one of the steepest hikes in recent months.

Department of Energy (DOE) Oil Management Bureau Director Rodela Romero said Friday that recent movements in the Mean of Platts Singapore were driven by developments in the international oil market and a brewing geopolitical crisis in the Middle East.

Based on trading data from Monday to Thursday, Romero said gasoline prices may go up by P2.50 to P3.00 per liter, diesel by P4.30 to P4.80, and kerosene by P4.25 to P4.40.

“Major oil price shock is looming as Israel and Iran conflict threatens critical global shipping passage,” Romero said.

Despite the sharp uptick, Romero noted that Dubai crude has yet to hit its trigger price of $80 per barrel—the threshold required for the government to release fuel subsidies.

Under the 2025 national budget, the Department of Transportation allocated P2.5 billion in aid for public utility vehicle drivers, including those operating taxis, ride-hailing units, and delivery services. The Department of Agriculture, on the other hand, set aside P585 million for assistance to farmers and fisherfolk.

Oil companies are required to maintain a minimum 30-day inventory of crude oil and a 15-day supply of finished petroleum products.