Oil prices are set to rise again this week, marking a third wave of “big-time” price increases since the start of the year, driven by persistent geopolitical tensions in the Middle East.

Effective Tuesday, March 24, at 6 a.m., Jetti Petroleum would implement a one-time upward price adjustment of ₱18 per liter for diesel, while gasoline prices would increase by ₱8 per liter.

While rates vary depending on the retailer, other oil companies have yet to release their price advisories for the week, nor have they confirmed whether they will stagger price increases to help cushion the impact on consumers.

In a morning radio interview on Monday, March 23, Energy Secretary Sharon Garin said diesel prices would likely rise by ₱11.8 per liter, gasoline by ₱6.47 per liter, and kerosene by ₱13.6 per liter.

The Department of Energy (DOE) has yet to report the adjustments of other oil companies; however, prices are typically revised on Tuesday mornings.

Garin also noted that the latest oil shipments, which would help replenish the country’s reserves by a few more days, are expected to arrive this week.

The DOE expects 300,000 barrels of diesel; however, this would last only about one to two days.

Last Sunday, March 22, the agency introduced the interim use of Euro II fuels as a proactive measure to ensure adequate supply amid rising geopolitical tensions.

However, the Truck Manufacturers Association Inc. (TMA) cautioned that this measure should be thoroughly evaluated, as this type of fuel contains higher sulfur levels that could affect vehicle engine performance and durability.

“While the introduction of Euro II/2 fuels may be necessary as a temporary measure, TMA strongly advocates that such implementation be time-bound, closely monitored, and aligned with the country’s long-term direction toward cleaner, more efficient, and environmentally sustainable fuel standards,” the group warned.