Diesel prices could increase by as much as ₱11 per liter next week as global oil markets face renewed uncertainty due to escalating tensions between the United States and Iran, the Department of Energy (DOE) warned.
DOE Oil Industry Management Bureau Director Rino Abad said fuel price adjustments are expected to rise by around ₱3 to ₱4 per liter for gasoline, ₱10 to ₱11 per liter for diesel, and ₱11 to ₱12 per liter for kerosene.
“Mukhang wala na itong pag-asang bumaligtad, talagang sigurado nang mayroon tayong aasahang increases, price adjustment next week,” Abad said.
He said pump prices may reach between ₱82 and ₱85 per liter, while some fuel products could climb further to ₱88 to ₱90 per liter.
“Inaasahan natin mga P82 to P85 [per liter], except yung mga may kataasan na baka umabot ng higher to P88 to P90,” he added.
The projected increase was attributed to renewed hostilities between the United States and Iran, raising concerns about potential disruptions to global oil shipments through the Strait of Hormuz, one of the world’s key oil trade routes.
Meanwhile, the Land Transportation Franchising and Regulatory Board (LTFRB) is studying possible measures to assist public utility vehicle drivers, including another round of fuel subsidies and a potential fare increase.
Abad said any action would depend on the LTFRB’s policy direction and the availability of government funds.
“Maghihintay lang tayo ng policy direction from LTFRB dahil ito naman ay depende rin sa available na budget,” he said.