Diesel Prices Set to Skyrocket Up to P24.25 Per Liter This Week
The Department of Energy (DOE) has confirmed that diesel and gasoline prices in the Philippines are poised for a substantial increase this week, with diesel potentially rising by as much as P24.25 per liter. This surge is directly attributed to ongoing tensions and conflicts in the Middle East, which have disrupted global oil supplies and driven up market prices.
Gradual Implementation to Ease Impact on Motorists
To mitigate the immediate shock to consumers, several oil companies have agreed to implement the price hikes in a phased manner. In a press briefing on Monday, DOE Secretary Sharon Garin emphasized that the price adjustments are unavoidable due to the volatile international oil market, exacerbated by geopolitical instability in the Middle East.
She further explained that the DOE cannot control these prices under the Downstream Oil Industry Deregulation Act of 1998, which grants oil companies the freedom to set their own rates. In response to early price increases by some stations, the DOE has issued show-cause orders to ensure compliance with the scheduled adjustments.
Company-Specific Price Increases and Schedules
The price hikes vary by company, with Shell Philippines leading the way with the largest increase for diesel, totaling P24.25 per liter. This will be rolled out in stages: P14.55 per liter on Tuesday, followed by P7.30 on Wednesday, and P2.40 on Thursday.
Other major oil companies have announced their own adjustments:
- Petron will raise diesel prices by P19.20 per liter, starting with P11.60 on Tuesday and the remaining P3.80 over subsequent days.
- TotalEnergies will increase diesel by P20.20 per liter, implemented in two equal parts of P10.10 each.
- Chevron has the lowest total increase at P17.50 per liter, spread over seven consecutive days at P2.50 per day.
- Jetti Petroleum will hike prices by P19 per liter, with P4 per liter on Tuesday and P3 per liter over the next five days.
- Seaoil expects diesel prices to rise from P21 to P23 per liter, also in two phases.
Gasoline Prices Also on the Rise
In addition to diesel, gasoline prices are set to increase by P7 to P13 per liter starting Tuesday. The DOE has provided a price range for pump prices from March 6 to March 9 to guide consumers:
- Gasoline (RON 97/100): P53.70 – P76.50 per liter
- Gasoline (RON 95): P50.00 – P71.04 per liter
- Gasoline (RON 91): P49.00 – P64.70 per liter
- Diesel: P49.00 – P66.59 per liter
- Diesel Plus: P56.80 – P74.81 per liter
- Kerosene: P78.90 – P99.89 per liter
This comprehensive update highlights the significant financial burden facing motorists and businesses, underscoring the broader economic impact of global oil market fluctuations.
