MANILA, Philippines — Local oil firms implemented another round of price hikes effective Tuesday, February 24, 2026, marking a prolonged streak of increases for motorists. According to advisories from companies like Seaoil, Caltex, and Jetti Petroleum, the price of diesel and kerosene saw the largest jump this week.
Price Adjustment Breakdown:
- Diesel: Increase of ₱1.20 per liter (9th consecutive week of hikes).
- Kerosene: Increase of ₱1.20 per liter (9th consecutive week of hikes).
- Gasoline: Increase of ₱0.60 per liter (7th consecutive week of hikes).
Key Drivers for the Hike:
Industry experts and the Department of Energy (DOE) attribute the persistent upward movement to several global factors:
- Geopolitical Tensions: Ongoing conflicts in the Middle East and the Ukraine-Russia war continue to threaten global supply chains.
- US-Iran Volatility: Increased concerns over potential military activities and the likelihood of US strikes on Iran have added a “risk premium” to oil prices.
- Regional Demand: Strong buying interest in the Asian region and the seasonal uptick in demand have offset potential rollbacks.
Impact and Outlook:
The continuous rise in fuel costs has been a significant burden for the transport and logistics sectors since the start of 2026. Jetti Petroleum president Leo Bellas noted that while regional inventories are healthy, rising freight costs and geopolitical risks remain the primary obstacles to a price rollback.