THE price of diesel is expected to reach over P130 per liter, while the cost of gasoline is expected to go over the P100 per liter mark amid the oil crisis brought about by the ongoing conflict in the Middle East.
Based on the data issued by the Department of Energy on Tuesday, March 24, 2026, the agency estimated a P15 to P18 per liter increase on diesel, P8 to P12 per liter on gasoline, and P12 to P22 per liter on kerosene.
From March 17 to 23, the price of diesel ranges from P92 to P126 per liter; gasoline from P74 to P100 per liter; and kerosene from P100 to P144 per liter.
With the expected increase for this week, the pump price for diesel is expected to range between P107 to P144 per liter; P82 to P112 per liter for gasoline; and P111 to P165 per liter on kerosene.
Energy Secretary Sharon Garin said the increase is still attributed to the ongoing conflict in the Middle East.
Garin also cited several factors why the cost of fuel in the country is much higher than in other Asian countries despite the global oil crisis.
“First of many of these countries have subsidies. Ibig sabihin, sinasubsidize nila ang presyo. Pag bumibili ka sa gas station, may binabayaran ang gobyerno para hindi na ganun kataas ang presyo ng bibilhin mo. I think Thailand, Malaysia and Indonesia meron niyan,” she said.
(It means they are subsidizing the price. When you buy at the gas station, the government pays part of it so the price you pay isn’t as high. I think Thailand, Malaysia, and Indonesia have this.)
“Second, wala po tayong indigenous source. We don’t have oil in this country. Maliit lang, konti lang and we export most of it 99 percent na ginagamit natin sa mga sasakyan natin, galing po yan sa ibang bansa, so we don’t have control of the supply and price,” she added.
(Second, we don’t have an indigenous source. We don’t have oil in this country. There’s only a small amount, very little, and we export most of it — 99 percent of what we use in our vehicles comes from other countries — so we don’t have control over the supply and the price.)
Garin also noted that the oil industry in the Philippines is unregulated due to the Oil Deregulation Law and that only the competition between companies can bring the prices of fuel down.
The Energy secretary said that as of March 20, 2026, the country’s fuel supply can last up to 45 days.
Garin said the government is working on the procurement of two million barrels of diesel worth around P20 billion for the additional 10 days on the existing fuel supply.
She appealed to the public to save on fuel and to not hoard, which can affect the supply of the whole country. (TPM/SunStar Philippines)