Fuel prices in the Philippines are expected to climb sharply again next week, extending a series of record increases driven by elevated global oil prices and geopolitical tensions.

Industry estimates indicate that diesel prices could rise by around ₱14.00 to ₱14.50 per liter, while gasoline may increase by approximately ₱7.00 to ₱7.50 per liter. If realized, diesel prices could approach ₱130 per liter in some areas, with gasoline likely breaching the ₱100 mark.

The projected adjustments, which are based on early trading data from the Mean of Platts Singapore benchmark, remain preliminary. Oil companies typically finalize and announce price changes on Mondays, with implementation scheduled the following day.

The expected hike follows a major round of increases implemented earlier this week, when fuel prices surged across multiple tranches. Diesel rose by as much as ₱20.40 to ₱23.90 per liter, while gasoline increased between ₱12.90 and ₱16.60 per liter. Kerosene prices also climbed by up to ₱8.90 per liter.

These adjustments pushed diesel prices in several areas to between roughly ₱94 and ₱114 per liter, with some stations nearing ₱114.90, while gasoline prices moved past ₱90 per liter in many locations.

The sustained rise in fuel costs has been largely driven by escalating tensions in the Middle East, which have raised concerns over potential supply disruptions and pushed global crude oil prices higher. As a net oil importer, the Philippines is particularly vulnerable to these movements, with higher import costs feeding directly into local pump prices.

The Department of Energy continues to monitor the situation and coordinate with oil companies, encouraging staggered implementation of price hikes to ease the immediate burden on consumers.

Further increases remain possible depending on global oil market developments in the coming days, with analysts warning that prolonged volatility could continue to drive up transportation, logistics, and overall consumer costs.

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