Motorists may face another hit at the pump next week, with diesel prices poised to rise by nearly P4 per liter as tensions in the Middle East continue to rattle global oil markets.
Preliminary data from the Mean of Platts Singapore, the regional benchmark for the deregulated oil industry, showed diesel trading higher by around P3.40 to P3.60 per liter on Monday and Tuesday, while gasoline rose by P2.30 to P2.50 per liter. These are already higher than the adjustments implemented earlier this week.
Jetti Petroleum President Leo Bellas attributed the continued price surge to escalating geopolitical risks in the Middle East.
“Growing uncertainty around the Iran-Israel hostilities and concerns the conflict may intensify and disrupt supply, particularly in the Strait of Hormuz, have further pushed up the prices of crude oil and refined fuel products,” Bellas said in a message to reporters on Wednesday.
The Strait of Hormuz is a vital passageway for about one-fifth of the global oil supply. Any disruption in the area could send international fuel prices even higher, with immediate effects on local pump prices.
Yesterday, local oil companies implemented a P1.80 per liter increase for both gasoline and diesel and a P1.50 per liter hike for kerosene.
The Department of Energy (DOE) earlier urged oil firms to stagger sharp fuel price hikes to ease the burden on consumers. In response, Bellas said Jetti Petroleum is open to pacing the increases if necessary.
DOE Officer-in-Charge Sharon Garin said the agency is closely coordinating with industry players, monitoring inventories, and preparing targeted interventions for vulnerable sectors. She said the fuel supply remains stable, with firms required to keep minimum inventory levels, while the DOE works with other agencies to activate fuel subsidy programs.