A SIGNIFICANT increase in fuel prices is anticipated next week due to tensions in Iran, the Department of Energy (DOE) announced on Friday.
Based on four-day trade monitoring of the Mean of Platts Singapore, DOE Oil Industry Management Bureau Assistant Director Rodela Romero said that gasoline prices are expected to rise by approximately P0.60 per liter, diesel by P1.35 per liter, and kerosene by P1.00 per liter. This estimate does not yet include additional costs and premiums, which could add roughly P0.40 to P0.50 per liter.
Romero explained that the price increases from Monday to Wednesday this week are due to geopolitical tensions in Iran, where widespread protests against the clerical system have emerged. According to her, even with an oversupply of petroleum products in the first month of 2026, the market has reacted due to these events.
The decline in the value of the peso to a record P59.46 against the US dollar was also cited, contributing an estimated P0.10 to P0.50 per liter to the anticipated price hike. The DOE’s forecast reflects the continued volatility in the global oil market due to tensions in the Middle East, which have already impacted oil price movements.
