Softer oil price hikes seen next week

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March 28, 2026 | 12:00am

MANILA, Philippines — Motorists may see a modest rise in gasoline prices next week, but diesel remains on track for another double-digit spike amid the global oil crisis.

After four days of trading on the Mean of Platts Singapore, an industry source indicated a potential price increase of up to P3 per liter for gasoline.

“Gasoline prices, which closely track crude and regional supply risks, softened as fears of prolonged supply outages are somewhat reduced,” the source said.

Diesel prices, meanwhile, are likely to see a steeper increase, potentially rising by P11 to P12 per liter.

This threatens to push the price of regular diesel above P140 per liter and premium diesel beyond P150 per liter.

The estimates for next week may still rise further or decrease, with one trading day remaining.

Final price adjustments will be announced on Monday and will take effect the following day.

Despite de-escalation signals in the Middle East war, global prices remain volatile as Iran continues to limit the passage of ships through the Strait of Hormuz.

As of March 20, the Philippines had diesel stocks sufficient for 45 days, gasoline for 53 days and kerosene for 97 days, Department of Energy data showed.

LPG hoarders

PNP chief Gen. Jose Melencio Nartatez Jr. has ordered a crackdown against hoarders of liquefied petroleum gas (LPG).

Nartatez said yesterday the move aims to protect the public from profiteers during a period of tight LPG supply.

Brig. Gen. Randulf Tuaño, spokesman for the PNP, said six criminal cases have so far been filed against profiteers, hoarders and those involved in the illegal sale of LPG tanks. The accused violators are from Eastern Visayas, Cagayan Valley, Ilocos and Davao. — Emmanuel Tupas