MANILA, Philippines — Filipino consumers are facing a relentless surge in fuel costs as local oil companies announced another “big-time” price hike effective Tuesday, March 3, 2026. The increase comes as global oil markets react to the weekend’s high-stakes airstrikes in Iran.
Major oil firms, including Seaoil, Petron, and Shell, confirmed the following per-liter increases:
- Gasoline: ↑ ₱1.90 (8th consecutive week of hikes)
- Diesel: ↑ ₱1.20 (10th consecutive week of hikes)
- Kerosene: ↑ ₱1.50
Since the start of 2024, the cumulative increase has been staggering: gasoline prices are up by ₱6.70, diesel by ₱9.40, and kerosene by ₱7.70 per liter.
Industry experts warn that the current week’s price increase does not yet account for the full economic fallout of the latest military operations.
- The “Lag” Effect: Jetti Petroleum President Leo Bellas explained that because local prices typically track the previous week’s trading, the massive jump in global crude following the Saturday strikes on Iran will only be felt in next week’s (March 10) domestic prices.
- Middle East Tensions: On Saturday, the United States and Israel launched airstrikes on Iran, targeting military sites and nuclear-related infrastructure. Iran responded with retaliatory strikes on U.S. assets across the region.
- Market Panic: Global oil and refined product prices saw a “big jump” at the start of Monday trading, signaling a potential “significant” upward adjustment for Philippine pumps next week.
The continuous rise in fuel costs is putting immense pressure on the transport and logistics sectors, prompting lawmakers like Rep. Joey Salceda to call for immediate fuel subsidies for public utility drivers and farmers to prevent a spike in basic food prices.