MANILA, Philippines — Motorists should brace for another round of fuel price hikes next week, with gasoline expected to increase for the sixth consecutive week and diesel for the fifth straight week on September 23.
Industry estimates show that gasoline prices may rise by up to ₱1.20 per liter, while diesel prices are likewise forecast to post a fresh increase, extending the string of upward adjustments that began in August.
What’s Driving the Price Hikes?
According to industry watchers, the latest spike reflects a mix of international oil market trends, foreign exchange movements, and supply pressures.
- Global crude oil prices remain elevated due to tight supply and geopolitical risks, accounting for nearly half of the expected hike.
- The weaker peso, which has recently traded above ₱57 to $1, adds further pressure since the Philippines imports nearly all of its fuel.
- Other contributors include higher shipping costs, refinery margins, and Asian demand for diesel, pushing overall pump prices higher.
Impact on Consumers
The successive increases in fuel costs are expected to ripple through transportation and logistics sectors, raising concerns over higher prices for basic goods and services. Jeepney and bus operators, as well as delivery and freight companies, are likely to bear the immediate brunt of higher diesel prices.
Gasoline users, including private motorists and ride-hailing drivers, will also feel the squeeze as pump prices climb for a sixth straight week.
While local oil companies have yet to announce exact adjustments, both gasoline and diesel are poised to continue their upward trend unless global markets stabilize.
Industry analysts warn that without relief from the global oil market or a stronger peso, fuel costs in the Philippines may remain elevated in the coming weeks. The Department of Energy (DOE) continues to monitor international developments and foreign exchange rates, which remain the key drivers of local fuel price movements.
