Fuel prices in the Philippines may surge sharply next week, with diesel potentially increasing by as much as P19 per liter and gasoline by around P9 per liter, according to projections cited by the Department of Energy (DOE).
The anticipated increase comes as global oil markets react to rising geopolitical tensions and supply disruptions that have pushed international crude prices higher.
DOE officials have been closely monitoring the situation and warned that domestic pump prices may continue to fluctuate depending on developments in global markets.
Energy Assistant Secretary Rino Abad earlier explained that local fuel prices are heavily influenced by international benchmarks.
“Since we are importing oil, our local prices will always depend on the movement of global oil prices,” Abad said in previous briefings reported by media.
A sharp increase in diesel prices is expected to affect several sectors, particularly transportation and agriculture, where fuel costs represent a significant portion of operating expenses.
Transport groups have warned that continued increases in fuel prices could force operators to seek fare adjustments if government assistance is not provided.
In previous statements, transport leaders said rising fuel prices could severely affect the livelihood of drivers.
“Drivers are already struggling with high fuel prices. Any further increase will really hurt the sector,” transport groups said in earlier interviews.
The government is currently studying possible mitigation measures, including targeted subsidies for public transport drivers, farmers, and fisherfolk.
Economic managers are also monitoring the potential impact of rising oil prices on inflation and economic growth.