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Manila Bulletin devider Business devider The Economy devider No relief for motorists: Diesel cued for 7th straight week of hikes

No relief for motorists: Diesel cued for 7th straight week of hikes

Published Feb 6, 2026 10:17 am  |  Updated Feb 6, 2026 01:14 pm
Motorists face another round of higher pump prices next week as tightening global diesel market and simmering Middle East tensions outweigh signs of cooling demand for gasoline.
Industry data based on the four-day trading average of the Mean of Platts Singapore (MOPS) indicated that diesel is projected to climb by ₱0.80 to ₱1.00 per liter. Kerosene is also expected to see a price spike of approximately ₱0.05 per liter during the second week of February. Gasoline, however, presents more volatile outlook, with estimates ranging from a nominal rollback of ₱0.10 per liter to an increase of as much as ₱0.50 per liter.
Jetti Petroleum President Leo Bellas attributed the upward pressure to tightening global diesel supply and drawdown in United States (US) inventories.
He also pointed to the influence of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, whose production strategies continue to dictate market sentiment.
Supply dynamics in Asia are also shifting as China approaches the Lunar New Year.
Bellas noted that the likelihood of limited diesel exports from China has offered near-term price support, as the country anticipates higher domestic demand during the festive period.
While gasoline demand remains relatively weak due to sluggish market conditions, fast-rising crude prices have effectively “put a floor” on how low prices can go.
These costs are being driven by fears of broader conflict in the Middle East, specifically involving potential US actions regarding Iran.
The Department of Energy’s Oil Industry Management Bureau (OIMB) confirmed that tensions near the Strait of Hormuz have contributed to a risk premium on fuel. However, OIMB Director Rodela Romero suggested that recent efforts toward US-Iran de-escalation could eventually reduce this premium.
Romero also noted the shift in the long-term supply outlook, saying that ample production from non-OPEC sources, particularly the US, may serve as buffer against future price shocks.
Domestic oil companies typically announce final price adjustments every Monday, with changes taking effect the following Tuesday morning at 6:00 a.m.
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