Slower fuel hikes seen next week

Fuel price hikes are set to continue next week, though 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 around P14.00 to P14.50 per liter, while gasoline may increase by P7.00 to P7.50 per liter. 

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 escalating tensions in the Middle East, where 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 around 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 are set to be announced on Monday morning by fuel retailers and regulators, with implementation scheduled the following day.

To ensure uninterrupted services despite the turmoil, the government is ramping up efforts to secure additional fuel supply, with Finance Secretary Frederick Go saying 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. 

Separately, the Department of Energy has helped arrange an initial shipment of 250,000 to 300,000 barrels of diesel from a Southeast Asian source, due next week, as part of efforts to support private oil firms in securing future supply.

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

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

Ahead of the Holy Week break, the Senate of the Philippines 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.