MANILA (January 31) – Filipino motorists and public transport operators may face higher fuel costs next week, with diesel prices seen rising by as much as ₱1.50 per liter amid overseas supply disruptions tied to escalating geopolitical tensions.
Jetti Petroleum president Leo Bellas said Friday that diesel prices could increase by ₱1.30 to ₱1.50 per liter, while gasoline may go up by ₱0.50 to ₱0.70 per liter, citing movements in foreign exchange rates and Asian oil benchmarks.
The expected hike could further strain jeepney, bus, and delivery operators, particularly in Mindanao, where long-distance routes, agricultural hauling, and intercity transport are heavily dependent on diesel. Transport operators in the region have warned that sustained price increases erode already thin margins and raise operating costs for routes serving remote and rural communities.
Higher fuel prices could also affect the movement of farm produce and basic goods in Mindanao, where diesel-powered trucks are widely used to transport goods from production areas to urban markets, potentially adding pressure to food prices.
Bellas said global oil markets are being pushed higher by mounting supply risks, including rising U.S.-Iran tensions, new sanctions on Iran’s “shadow fleet,” and an expanded U.S. military presence in the Middle East.
Supply pressures have also intensified following an outage at Kazakhstan’s largest oilfield and a major winter storm in the United States, which disrupted oil and gas production and transport.
“Diesel and middle distillate prices are up due to rising supply concerns, as the EU import ban on refined products from Russian-origin crude could disrupt flows and tighten the physical market,” Bellas said. “For gasoline, the upside is limited by healthy regional supply and ample stock inventory.”
For private motorists in Mindanao, another round of increases would mean higher pump prices, especially in provinces where fuel already sells above Metro Manila levels due to transport and logistics costs.
If implemented, the adjustment would mark the fourth straight week of gasoline price increases and the sixth consecutive week for diesel.
This week alone, oil companies raised prices by ₱0.40 per liter for gasoline, ₱1.40 for diesel, and ₱0.80 for kerosene.
