Diesel prices in the Philippines could exceed ₱80 per liter next week if global oil prices continue to surge amid escalating tensions in the Middle East, a Department of Energy official warned on Friday.
During a Senate hearing on the situation of overseas Filipinos in the Gulf region, Rino Abad said monitoring data showed diesel prices were already nearing the ₱80 mark after four consecutive days of increases in the global market.
Abad noted that gasoline prices were currently around ₱64 per liter.
The official made the statement in response to Senator Erwin Tulfo, who chairs the Senate Committee on Migrant Workers, after the senator asked whether pump prices could climb as high as ₱90 per liter.
Abad said he could not make a firm projection but pointed out that fuel prices in the Philippines previously reached that level during the Russia–Ukraine War.
“Ayaw ko hong mag-project, pero ito’y mas masama pa doon kasi dito Middle East ang pinag-uusapan,” Abad told Tulfo.
He explained that oil companies might implement staggered price adjustments, which could help soften the immediate impact on consumers.
“Kung mag-implement lang sila, halimbawa, spread out nila for two weeks, then kalahati lang nung ₱18 na increase supposedly doon sa diesel. Ang ma-i-implement dyan (ay) ₱9,” Abad said, noting that pump prices could hover around ₱71 per liter under such a scenario.
The ongoing conflict involving the United States, Israel, and Iran has raised concerns over potential supply disruptions, as the Middle East remains one of the world’s most critical sources of oil production.