FILIPINO consumers are bracing for another substantial increase in fuel prices this week, as oil companies announce significant adjustments driven by escalating geopolitical tensions between Iran, the United States, and Israel. Global oil markets have been shaken by the ongoing conflict, resulting in projected price hikes across various fuel types.
The Department of Energy (DOE) had previously issued an advisory for the period of March 17 to 23, forecasting increases ranging from ₱20.40 to ₱23.90 per liter for diesel, ₱12.90 to ₱16.60 per liter for gasoline, and ₱6.90 to ₱8.90 per liter for kerosene. However, the actual price adjustments announced by major oil players indicate even steeper hikes.
Total Philippines announced a substantial increase of ₱20.70 per liter for diesel and ₱14.10 per liter for gasoline. Similarly, Shell Pilipinas Corp. and Seaoil Philippines Corp. will implement price hikes of ₱16.20 per liter for gasoline and ₱6.90 per liter for kerosene. Shell will also raise diesel prices by ₱23.90 per liter, while Seaoil will increase diesel by ₱23.30 per liter. These new prices are set to take effect starting March 18 for Total and Seaoil, and March 19 for Shell, Petron, and Flying V.
The surge in fuel prices is expected to have a ripple effect across the economy, potentially increasing transportation costs for both consumers and businesses. This development raises concerns about its impact on inflation and the overall cost of living for Filipinos, especially those in the transport sector who rely heavily on fuel for their livelihood.
