Next Week’s Fuel Price Spike May Push Diesel to ₱100/L
MANILA, Philippines — Philippine fuel prices are braced for another massive “jumbo” hike on March 17, 2026, with diesel potentially reaching the ₱90 to ₱100 per liter mark. The surge is driven by the intensifying conflict in the Middle East, which has paralyzed maritime traffic through the Strait of Hormuz—a critical passage for 20% of the world’s oil supply.
Projected Adjustments (Effective March 17):
- Diesel: Increase of ₱19.30 to ₱22.30 per liter.
- Gasoline: Increase of ₱14.00 to ₱17.00 per liter.
- Kerosene: Already hit by a single-week record hike of up to ₱38.50 per liter earlier this month.
Global & Local Impact:
- Supply Chain Paralysis: Attacks involving the U.S., Israel, and Iran have disrupted crude feedstock from the Persian Gulf, leading to refinery cuts across Asia.
- Domestic Monitoring: Energy Secretary Sharon Garin noted that global trading shows no signs of easing. Currently, premium diesel in North Luzon has already reached ₱94.65 per liter.
- Sectors Affected: Diesel is critical for mass transport (jeepneys, buses, trucks), agriculture, and fishing vessels. Gasoline is primarily used by private cars, tricycles, and ride-hailing services.
Government & Private Sector Response:
- Tax Suspension Bill: President Ferdinand Marcos Jr. has certified House Bill No. 8418 as urgent, which would grant the President power to suspend or reduce fuel excise taxes during economic emergencies.
- Transport Subsidies: The LTFRB and DSWD are coordinating a ₱5,000 fuel subsidy for public utility vehicle (PUV) workers, likely to be distributed via digital payment platforms.
- Grab/Move It Assistance: The ride-hailing giant has launched commission rebates, real-time cashback, and fuel rebates (up to ₱4/liter via partnerships with Shell, Seaoil, and Caltex) to keep drivers on the road.
