Diesel prices could breach P170 per liter if another round of steep hikes materializes next week, as industry sources warned of a fresh shock of up to P17 to P19 per liter—potentially pushing pump prices to record levels.

Gasoline, on the other hand, is also expected to rise by P3 to P5 per liter.

“Diesel supply continues to tighten as demand remains high, pushing the prices of middle distillates much higher relative to gasoline,” an industry source said Friday, noting that diesel’s upward momentum has now entered a sustained streak.

The source said the surge is being fueled by intensifying fears of prolonged supply disruptions, which have sent global benchmarks to all-time highs.

“Any serious talks with Iran could de-escalate the tensions and bring some relief to prices. However, until the Strait of Hormuz is reopened, supply will continue to remain tight and prices supported,” the source added.

This week, a brief rollback in gasoline prices was eclipsed by a sharper surge in diesel, based on data from the Department of Energy (DOE).

Gasoline prices fell by as much as P2.35 per liter, although some areas still saw increases of up to P2.90. 

DOE-monitored ranges showed pump prices at P84.55 to P114.00 per liter for RON97, P82.55 to P111.80 for RON95, and P81.65 to P104.10 for RON91.

But the modest relief came as diesel—critical to transport, logistics, and food supply chains—continued to climb.

Prices jumped by P4.50 to as much as P12.90 per liter, pushing pump prices to between P109.50 and P144.80 per liter. Diesel Plus also rose to P124.00 to P153.10.

Kerosene prices also increased by P1.00 to P2.40 per liter, with pump prices ranging from P141.00 to P169.19.