Fuel costs soar to new highs; diesel up to P171/L

Motorists and commuters are set to bear higher costs this week as fuel companies roll out steep price hikes, with diesel—key to public transport and logistics—taking the biggest hit amid the ongoing Middle East conflict.

In an advisory this afternoon, Petron said it will raise prices tomorrow morning by P4.90 per liter for gasoline, P18.80 per liter for diesel, and P8.10 per liter for kerosene. Seaoil will implement similar adjustments, increasing gasoline by P4.90 per liter, diesel by P17.95 per liter, and kerosene by P8.10 per liter.

Jetti Petroleum, meanwhile, will implement its hike on Friday morning, with gasoline up by P5.40 per liter and diesel by P18.60 per liter.

“We believe the delayed implementation will help cushion the impact of the significant increase, particularly on diesel,” Jetti President Leo Bellas said.

Other fuel firms have yet to announce their own price adjustments and schedules for the week.

After the latest increases, gasoline prices, including premium grades, are seen ranging from P86.55 to P118.90 per liter this week, based on last week’s lows and highs.

Diesel, including Diesel Plus, could surge to P127.45 to P171.90 per liter, pushing prices deeper into record territory.

Kerosene prices are likewise expected to rise to P149.10 to P177.29 per liter.

The Department of Energy deferred its scheduled Monday night briefing on the country’s fuel supply situation to Tuesday afternoon, leaving mounting price pressures largely unaddressed as another round of hikes takes effect.

Industry sources warned that supply strains persist, with diesel markets under particular stress. Over the weekend, an official of a local fuel company who requested anonymity said diesel supply continues to tighten as demand remains elevated, driving the cost of middle distillates higher than gasoline.

The official added that until the Strait of Hormuz is cleared for the passage of all ships, “supply will continue to remain tight and prices supported,” underscoring the vulnerability of global flows through the critical route that carries more than 20 percent of fuel and gas exports.