Senator Francis ‘Kiko’ Pangilinan warned oil companies and gasoline stations against prematurely raising fuel prices ahead of the official weekly price adjustment scheduled for March 10, 2026, as global oil markets remain volatile due to escalating tensions in the Middle East.

In a statement posted on social media on March 8, Pangilinan cautioned that businesses taking advantage of the situation could face accountability.

“The effects of the conflict in the Middle East should not be exploited,” the senator said. “Those who immediately raise petroleum prices before the scheduled oil price hike on Tuesday will be held accountable.”

Concerns Over Early Price Increases

The warning came after reports that some gasoline stations began implementing early or additional price hikes starting March 7, even though the Department of Energy (DOE) had imposed temporary price ceilings between March 6 and March 9.

Authorities said these measures were intended to prevent profiteering and stabilize fuel prices while the government assessed the impact of rising global oil prices.

The reports also coincided with panic buying and long queues at fuel stations in several areas, including parts of Metro Manila and Dagupan City in Pangasinan, as motorists rushed to refuel ahead of anticipated price increases.

Global Oil Volatility Driving Local Price Pressure

Fuel prices in the Philippines have been rising in recent weeks as geopolitical tensions push global crude oil prices higher.

The situation is closely tied to developments in the Middle East, particularly threats to the Strait of Hormuz, a critical shipping corridor that carries about 20% of the world’s oil supply.

Because the Philippines imports more than 90% of its petroleum needs, the country is highly sensitive to global oil price fluctuations.

Recent adjustments for the March 3–9 pricing cycle included:

• Gasoline: +₱1.90 per liter
• Diesel: +₱1.20 per liter
• Kerosene: +₱1.50 per liter.

Industry projections suggest the next round of increases could be significantly larger.

Estimates discussed by analysts indicate potential hikes of ₱9 to ₱13 per liter for gasoline and ₱19 to ₱23 per liter for diesel, depending on how adjustments are implemented.

Calls for Consumer Protection Measures

Pangilinan emphasized that oil companies should not increase pump prices for fuel that was purchased earlier at lower costs.

Such actions, he said, could constitute profiteering under Batas Pambansa Blg. 33, which prohibits hoarding, illegal price manipulation, and other abusive practices during supply disruptions.

The senator has also urged the government to adopt additional measures to protect consumers from rising fuel costs.

Among the proposals he has repeatedly supported are:

• suspension of fuel excise taxes
• expansion of targeted fuel subsidy programs
• stronger enforcement against price manipulation.

Government Monitoring and Response

Authorities have increased monitoring of fuel retailers as prices continue to rise.

The DOE has been coordinating with the Department of the Interior and Local Government and the Philippine National Police to inspect gasoline stations and ensure compliance with pricing rules.

Officials say the country currently maintains around 50 to 60 days of fuel reserves, meaning there is no nationwide shortage despite reports of temporary stockouts caused by panic buying.

Inflation and Economic Concerns

Economists warn that continued fuel price increases could add to inflation and place additional pressure on households and businesses.

Transport operators, delivery services, and logistics companies are expected to be among the sectors most affected.

For now, policymakers are studying a range of possible relief measures, including tax adjustments, subsidies, and diversification of fuel import sources.

Senator Pangilinan’s warning reflects growing concern that rising global oil prices could lead to unfair price practices in the domestic market. While global geopolitical tensions continue to drive fuel costs higher, authorities say strict monitoring will remain in place to prevent profiteering and protect consumers.

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