Another Oil Price Increase Expected Next Week in the Philippines
MANILA – Filipino consumers should brace for another round of fuel price increases next week, according to a petroleum industry advisory issued on Friday, January 23, 2026.
Projected Price Adjustments
In his official statement, Jetti Petroleum President Leo Bellas forecasted significant price hikes for both diesel and gasoline products. Based on current market monitoring of Asian benchmark prices and foreign exchange movements as of Thursday, the following adjustments are anticipated:
- Diesel prices are projected to increase between PHP1.20 to PHP1.40 per liter
- Gasoline prices are expected to rise between PHP0.30 to PHP0.50 per liter
If these projections materialize, this would mark the third consecutive week of gasoline price increases and the fifth straight week for diesel price hikes, continuing a concerning trend for Filipino motorists and businesses.
Supply Constraints Driving Price Pressure
Bellas identified several key factors contributing to the upward pressure on global oil prices:
- Production disruptions in Kazakhstan: The temporary halting of production at two major oilfields has created tighter near-term supply conditions
- Export constraints in the Black Sea region: Shipping limitations are further restricting available supply in international markets
- Stronger demand from China: Better-than-expected economic growth data from China has boosted demand optimism
- Positive global economic forecasts: The International Monetary Fund's stronger growth projection for 2026 has increased market confidence
Geopolitical Factors and Market Volatility
The petroleum executive noted that despite some easing of concerns about Middle East supply disruptions, oil prices have remained volatile due to lingering geopolitical tensions.
"Geopolitical tensions continue to have a significant impact on the prices of diesel and middle distillates," Bellas emphasized in his advisory.
Additional factors supporting higher prices include:
- Reports of sharply rising demand from the United States
- Increased heating oil demand from Europe due to colder temperatures sweeping the continent
- Ongoing concerns about potential U.S. military intervention in Iran
These combined factors create a challenging environment for fuel pricing in the Philippines, with consumers likely to feel the impact at the pump in the coming week.
