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Fuel Prices Surge: Diesel Could Reach ₱114/Liter, DOE Warns

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Photo courtesy of Manila Bulletin

Fuel prices in the Philippines are set to rise significantly from March 17, following commitments from oil retailers to apply staggered price hikes to protect consumers. Energy Secretary Sharon Garin announced that diesel prices will increase by ₱20.4 to ₱23.9 per liter, affecting public transport costs, while gasoline will rise by ₱12.9 to ₱16 per liter. Kerosene prices are also expected to see a smaller increase.

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The ongoing increase marks the second consecutive week of substantial price hikes, a situation aggravated by geopolitical tensions and logistical challenges affecting regional markets. The Mean of Platts Singapore (MOPS), a critical benchmark, has been disrupted, primarily due to tensions near the Strait of Hormuz, impacting global oil supplies. Despite these challenges, the DOE is collaborating with companies like Shell Pilipinas and Petron Corp. to implement staggered pricing.

The public has been reassured by Energy Secretary Garin that the Philippines has enough fuel supply, urging against panic buying. Moreover, the government is exploring credit facilities with the Department of Finance to help oil companies manage costs. The DOE is also considering the increased use of biofuels, with organizations like the Philippine Biodiesel Association advocating for a higher biodiesel blend to stabilize local markets and support the coconut industry.

Looking forward, the potential for price rollbacks is tied to Middle Eastern stability. The DOE continues to seek additional suppliers to diversify sources and mitigate supply chain disruptions. They are also encouraging oil firms to voluntarily enhance biodiesel blend limits to strengthen the local energy mix, reported Manila Bulletin.

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image.png  Adapted by ASEAN Now · Manila Bulletin · 16 Mar 2026

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