Fuel price hikes are set to continue next week. However, the pace of increases is expected to moderate after two consecutive weeks of steep adjustments, offering a slight reprieve to consumers and transport operators already grappling with rising costs.

Early industry estimates indicate diesel prices could climb by P14 to P14.50 per liter, while gasoline may rise by P7 to P7.50 per liter.

The adjustments have pushed diesel prices over P100 per liter in Metro Manila, and prices are projected to rise to P114-P115 per liter, or higher at some stations.

Regular gasoline grades are expected to balloon to the P87 to P102 per liter range, depending on the station.

An industry source said that while still significant, the projected adjustments are narrower than recent spikes, suggesting some easing in the upward momentum of global oil prices.

The anticipated hikes come as oil markets remain on edge amid the escalating tensions in the Middle East, where the damage to key energy infrastructure has heightened concerns over potential supply disruptions.

Earlier this week, fuel retailers nationwide implemented steep price hikes, with diesel rising by P20.40 to P23.90 per liter.

Gasoline prices likewise jumped by P12.90 to P16.60 per liter, while kerosene increased by P6.90 to P8.90 per liter.

Final adjustments will be known on Monday morning, with implementation scheduled the following day.

To ensure uninterrupted services despite the turmoil, the government is ramping up efforts to secure an additional fuel supply, with Finance Secretary Frederick Go saying the authorities are procuring two million barrels of oil from the global market to boost the country’s buffer stock by about 10 days.

The Philippine National Oil Co.–Exploration Corp. has begun the acquisition process, with the supply expected to arrive within the week.

300k barrels secured

Separately, the Department of Energy has arranged an initial shipment of 250,000 to 300,000 barrels of diesel from a Southeast Asian source, due next week, to help private oil firms secure future supply.

Energy Secretary Sharon Garin said the government is also exploring additional government-to-government deals, although volumes secured so far remain limited — roughly equivalent to two days of national demand — prompting continued sourcing to cover requirements through May.

She said current inventories will be sufficient until the end of April, but warned that panic buying and hoarding could accelerate depletion.

Senate acts

Ahead of the Holy Week break, the Senate approved Senate Resolution No. 350 establishing an ad hoc committee, Protect, to centralize oversight of the government’s response to the Middle East crisis.

The panel is tasked with aligning cross-sector findings and will submit its report to the President after its hearings.

Not Marcos’ fault

The Middle East war is not the President’s fault, Palace Press Officer Undersecretary Claire Castro, said yesterday, as major groups threatened to paralyze public transportation with a nationwide strike next week.

“This is not the fault of the President or the government. We all know that the President prioritized aiding the transportation sector,” Castro said.

Piston president Mody Floranda said they are coordinating with transport groups Manibela and Laban TNVS on a nationwide transport strike next week if the rounds of big-time oil price hikes do not stop.

Castro said President Ferdinand Marcos Jr. knows the clamor of drivers and operators, and the government is asking for unity amid these trying times.

“In these times, what we need is unity and cooperation. President Marcos understands the concerns we are all facing due to the conflict in the Middle East. This is not something we wanted. We hope that everyone will work together amid the ongoing crisis,” Castro said.

The President had ordered the Department of Transportation to defer the transport fare increase, noting that this was not the time to impose additional costs on students and commuters.

He assured transport operators and drivers the government will expand support measures, including the rollout of free rides nationwide and fare discounts in the MRT and LRT systems.