Motorists may need to brace for another painful round of fuel price increases next week, with diesel prices projected to surge by as much as P17.50 per liter and gasoline expected to rise by up to P8.50 per liter as tensions in the Middle East continue to rattle global oil markets.
Based on industry estimates, diesel prices could climb between P16.50 and P17.50 per liter, while gasoline may go up by P7.50 to P8.50 per liter. The looming adjustment comes on top of the hefty increases already imposed for the March 17 to 23 trading week.
Earlier, the Department of Energy said pump prices for the current week had already gone up sharply, with diesel increasing by P20.40 to P23.90 per liter, gasoline by P12.90 to P16.60 per liter, and kerosene by P6.90 to P8.90 per liter.
With the latest adjustments factored in, prevailing retail prices in the National Capital Region, based on DOE monitoring data from March 10 to 16, now range from P91.35 to P114.90 per liter for diesel, P86.40 to P100.30 per liter for gasoline, and P91.90 to P143.79 per liter for kerosene.
Despite the steep price hikes, the DOE sought to calm public fears by assuring consumers that the country has enough fuel supply to meet demand. Still, officials warned that panic-buying and hoarding could worsen the situation, especially for sectors heavily dependent on fuel such as public utility vehicles.
Energy Secretary Sharon Garin said the bigger risk lies in people stockpiling fuel, which could trigger disruptions for others who rely on regular supply. She stressed the need to prevent hoarding and avoid adding further anxiety among the public.
The expected increase would mark yet another blow for households, commuters, and businesses already reeling from rising transport and operating costs, as global geopolitical tensions continue to spill over into local pump prices.
