Motorists should brace for a sharp increase in fuel costs next week, with projected adjustments ranging from ₱11 to ₱35 per liter, following recent U.S. and Israeli strikes on Iran.
Based on full-week trading using the Platts Singapore index, expected price hikes are:
- Diesel: ₱21–₱23 per liter
- Gasoline: ₱11–₱13 per liter
- Kerosene: ₱33–₱35 per liter
The Department of Energy (DOE) is considering a staggered implementation over several days or weeks to soften the immediate impact on consumers.
“Higher fuel costs will inevitably push up transport fares and the prices of other goods,” said Energy Secretary Sharon Garin, adding that rollout details will be announced over the weekend.
Garin also urged motorists against panic buying, warning that hoarding could disrupt local supply and demand, worsening market conditions.