Double-digit diesel hike looms this week

By Romeo Sualibios

Thousands of motorists must brace for a massive, potentially double-digit fuel price hike this week as global energy markets react to escalating geopolitical tensions.

Based on the first three days of trading last week under the Mean of Platts Singapore (MOPS)—the regional pricing benchmark for imported petroleum products—local pump prices are projected to experience a major upward adjustment.

According to projections reported by economists, retail diesel prices are estimated to surge by P10.00 to P11.00 per liter.

Meanwhile, gasoline prices are expected to rise by P4.00 to P5.00 per liter, marking one of the steepest single-week increases in recent months.

The impending “jumbo” price adjustments are driven by a sharp rise in global crude prices following renewed clashes and military strikes in the Middle East. Market anxieties have intensified over threats to key shipping corridors, particularly the Strait of Hormuz, raising fears of sustained disruptions to global oil supply and refined product exports.

This anticipated spike follows a preceding round of increases on July 14, 2026, where diesel prices climbed by up to P4.62 per liter, while gasoline remained mostly stable. Back-to-back weekly hikes of this magnitude are expected to place significant pressure on local public transport fares, consumer goods logistics, and overall domestic inflation.

To mitigate the impact on vulnerable sectors, the Department of Energy (DOE) has been monitoring local inventory levels, assuring the public that the country maintains a fuel stockpile of approximately 47 days.