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Manila Bulletin devider Business devider The Economy devider Diesel spikes as US-Venezuela conflict clouds global supply

Diesel spikes as US-Venezuela conflict clouds global supply

Published Jan 5, 2026 11:58 am
Traditional jeepneys ply along Taft Avenue in Manila on June 18, 2025. Land Transportation Franchising and Regulatory Board (LTFRB) Chairperson Teofilo Guadiz III says the proposed fare increase for public utility vehicles (PUVs) has not yet been approved by the Board pending the outcome of a study by the Department of Economy, Planning, and Development (DEPDev) on the impact of the ongoing tension in the Middle East on the price of fuel. (John Louie Abrina / MANILA BULLETIN)
Traditional jeepneys ply along Taft Avenue in Manila on June 18, 2025. Land Transportation Franchising and Regulatory Board (LTFRB) Chairperson Teofilo Guadiz III says the proposed fare increase for public utility vehicles (PUVs) has not yet been approved by the Board pending the outcome of a study by the Department of Economy, Planning, and Development (DEPDev) on the impact of the ongoing tension in the Middle East on the price of fuel. (John Louie Abrina / MANILA BULLETIN)
As the holiday season comes to a close, motorists are set to face another fuel price spike in the second week of the year. Despite this, gasoline prices continue to ease.
Effective Tuesday, Jan. 6, diesel will increase by ₱0.20 per liter, and kerosene by ₱0.10 per liter.
Gasoline prices, on the other hand, will roll back by ₱0.10 per liter.
Seaoil, Shell Pilipinas, Petro Gazz, and Caltex will implement these price changes starting at 6 a.m., while Cleanfuel will follow at 8:01 a.m.
The tensions between the United States (US) and Venezuela continue to escalate, which worries some motorists and oil watchers. But the Department of Energy’s Oil Industry Management Bureau (OIMB) explained that these geopolitical factors only brought a minimal impact on the recent price adjustments.
“Though part of the news is the US strikes and sanctions on Venezuela, there’s only minor impact on prices, but no impact on the world supply as Venezuela only contributes one million barrels per day [BPD],” OIMB Director Rodela Romero told Manila Bulletin.
The effect of these tensions will likely be reflected next week, as Rizal Commercial and Banking Corp. (RCBC) Chief Economist Michael Ricafort explained that geopolitical developments occurred after trading hours.
“Particularly on oil price dynamics amid these geopolitical risks would have an impact on the Philippine economy, particularly on inflation and oil imports/trade deficit, as well as any potential volatility in the global financial markets that could indirectly affect the local financial markets,” he said.
Over the weekend, the US struck Venezuela and captured its leader, Nicolas Madrudo, and announced its plans to run the country until a new leadership is in place.
While a temporary takeover is set, US President Donald Trump said this move would “rebuild” the country's energy infrastructure.
Venezuela currently holds one percent of the world’s oil production, generating around one percent
“The world also watches how other global powers react, such as China (biggest buyer of Venezuela’s oil, biggest creditor of Venezuela; also with investments in Venezuela), which condemned the US military strikes on Venezuela; Russia; Iran; among others,” Ricafort added.
Romero added that a supply glut is also being factored into recent fuel prices, citing the International Energy Agency’s projection of a four-million-barrel-per-day oil surplus, which could soften upward pressure on fuel prices.
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