Motorists should brace for another round of fuel price increases next week following this week’s hefty hikes, as tensions between the United States and Iran continue to disrupt the normalization of global petroleum trade.
Based on estimates using Mean of Platts Singapore (MOPS) prices and foreign exchange averages over the past four days, an oil industry source said pump prices are expected to increase by:
Diesel: P1.75 to P2.25 per liter
Gasoline: P1.00 to P1.50 per liter
“Oil prices climbed due to a rebuild in the geopolitical premium as prospects for a diplomatic solution to the US-Iran conflict and normalization of navigation through the Strait of Hormuz have dimmed,” the industry source said.
“With the expiration of the mid-June US-Iran MOU and both sides expressing intentions to take a harder line, markets are pricing in the possibility of a prolonged crisis,” the source added.
Oil companies typically announce their official price adjustments every Monday, with the changes taking effect the following day.
This week, effective August 18, fuel firms raised pump prices by P2.49 per liter for gasoline, P3.84 per liter for diesel, and P5.01 per liter for kerosene.
The latest adjustments marked the 33rd fuel price movement of 2026. They brought the year-to-date net increase to P53.82 per liter for gasoline, P56.75 per liter for diesel, and P50.65 per liter for kerosene.
