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Manila Bulletin devider Business devider The Economy devider Gasoline, diesel prices set to jump again Tuesday

Gasoline, diesel prices set to jump again Tuesday

Published Feb 23, 2026 10:20 am  |  Updated Feb 23, 2026 02:20 pm
Fuel retailers will raise pump prices for the final week of February, extending the persistent upward trend as geopolitical risks in the Middle East and Eastern Europe rattle global energy markets.
Starting Tuesday, Feb. 24, gasoline prices will increase by ₱0.60 per liter, while diesel and kerosene prices are set to rise by ₱1.20 per liter. This latest adjustment is the eighth price hike since the beginning of the year.
Industry players, including Shell Pilipinas Corp., Seaoil Philippines Inc., and Chevron Philippines, are scheduled to implement the changes at 6 a.m., followed by Cleanfuel at 8:01 a.m.
The cumulative impact of this year’s rallies has been substantial. Since January, the total net increase has reached ₱4.90 per liter for gasoline, ₱8.20 for diesel, and ₱6.20 for kerosene. Analysts suggested the upward pressure is being driven by a tightening demand-supply balance and a series of disruptive international events.
Market sentiment soured over the weekend following renewed warnings from Unite States (US) President Donald Trump regarding stalled nuclear negotiations with Iran. Trump signaled a 10-to-15-day window for a diplomatic resolution before considering further military action, a stance that has injected a significant risk premium into crude trading.
These tensions coincide with a fresh escalation in the Russia-Ukraine conflict, where a Ukrainian drone strike on the Neftegorsk gas processing plant in Russia’s Samara region has raised alarms over potential structural disruptions to energy infrastructure.
Further complicating the global outlook, the US administration announced it would raise its temporary blanket import tariff to 15 percent from 10 percent, effective Feb. 24. While the move is intended to address trade imbalances, it has fueled concerns about a slowdown in global trade and a subsequent softening of long-term crude demand.
Domestically, the impact of rising international benchmarks has been partially mitigated by a resilient local currency. The Philippine peso averaged ₱57.964 against the US dollar last week, providing a slight cushion against even steeper price spikes.
However, with freight rates and insurance costs climbing due to security risks in critical shipping lanes, the relief from a stronger peso has yet to offset the broader surge in refined fuel costs. (Gabriell Christel Galang)
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