BUSINESS
Advocates Philippines
Pump Prices Set To Rise Again As Global Oil Worries Heat Up
FILE
Motorists may need to brace for another round of fuel price hikes next week, with diesel and gasoline prices expected to go up by as much as ₱1 per liter, driven by tightening global oil supply and geopolitical tensions.
In an advisory, Jetti Petroleum president Leo Bellas said diesel prices could increase by ₱0.80 to ₱1 per liter, while gasoline may go up by ₱0.30 to ₱0.50 per liter. The projected adjustments were based on movements in foreign exchange rates and the Asian oil benchmark as of Thursday.
Bellas pointed to weather-related supply disruptions, strong demand, and continued tensions in the Middle East as major factors pushing diesel prices higher—especially as Europe continues to cut back on Russian oil supplies. He added that China’s expected reduction in diesel exports ahead of the Lunar New Year has further tightened supply.
Gasoline prices, meanwhile, have been relatively softer due to weaker market fundamentals, but Bellas said rising crude prices and geopolitical risks—particularly fears of a potential US-Iran conflict—are preventing prices from easing further.
Oil markets have been volatile this week, swinging between hopes of easing US-Iran tensions and fears of supply disruptions in the Strait of Hormuz, a key route for about 20 percent of OPEC oil exports. Other factors supporting higher prices include OPEC+’s decision to keep output steady, a US-India trade deal, and a sharp drop in US crude and diesel inventories.
Oil prices have been climbing for five straight weeks, keeping local fuel prices under upward pressure.S
In an advisory, Jetti Petroleum president Leo Bellas said diesel prices could increase by ₱0.80 to ₱1 per liter, while gasoline may go up by ₱0.30 to ₱0.50 per liter. The projected adjustments were based on movements in foreign exchange rates and the Asian oil benchmark as of Thursday.
Bellas pointed to weather-related supply disruptions, strong demand, and continued tensions in the Middle East as major factors pushing diesel prices higher—especially as Europe continues to cut back on Russian oil supplies. He added that China’s expected reduction in diesel exports ahead of the Lunar New Year has further tightened supply.
Gasoline prices, meanwhile, have been relatively softer due to weaker market fundamentals, but Bellas said rising crude prices and geopolitical risks—particularly fears of a potential US-Iran conflict—are preventing prices from easing further.
Oil markets have been volatile this week, swinging between hopes of easing US-Iran tensions and fears of supply disruptions in the Strait of Hormuz, a key route for about 20 percent of OPEC oil exports. Other factors supporting higher prices include OPEC+’s decision to keep output steady, a US-India trade deal, and a sharp drop in US crude and diesel inventories.
Oil prices have been climbing for five straight weeks, keeping local fuel prices under upward pressure.S
Feb 6, 2026
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