MANILA, Philippines — The brief period of relief at the gas pumps has come to a screeching halt. After three consecutive weeks of welcome price cuts, Filipino motorists are facing a significant “big-time” price hike this week, as global oil market volatility finally catches up to local retailers.
Local oil companies announced a substantial increase in fuel prices effective Tuesday morning, reflecting the upward pressure from international benchmarks.
Motorists should prepare their budgets for the following adjustments at the pump:
- Gasoline: Increasing by P2.25 per liter
- Diesel: Increasing by P1.90 per liter
- Kerosene: Increasing by P1.70 per liter
This reversal effectively wipes out most of the gains from the previous weeks of rollbacks, bringing fuel costs back toward the highs seen earlier this year.
Industry experts point to a tightening global supply and renewed tensions in the Middle East as the primary drivers. While the previous month saw a slight stabilization in prices, recent supply disruptions and a stronger demand forecast for the second quarter of 2026 have pushed the Mean of Platts Singapore (MOPS)—the basis for local pricing—higher.
“The three-week downward trend was a breather, but the underlying fundamentals of the market remain tight,” noted one energy analyst. “With the summer travel season picking up and geopolitical risks remaining high, we are seeing the market recalibrate.”
The sudden P2-plus jump is expected to put renewed pressure on the transport sector and the prices of basic goods. Public utility vehicle (PUV) drivers, who have been navigating a thin profit margin, expressed concern that the volatility makes it difficult to maintain steady earnings.
Government agencies are expected to continue monitoring the situation, though no immediate new subsidies have been announced following this latest adjustment. For now, the advice for motorists remains the same: fill up early and brace for a potentially bumpy ride in the global energy market.
