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Manila Bulletin devider Business devider The Economy devider Diesel prices may jump by up to ₱3.15 per liter next week

Diesel prices may jump by up to ₱3.15 per liter next week

Published Jul 4, 2026 12:37 pm  |  Updated Jul 4, 2026 04:08 pm
(Photo by Santi San Juan I MB)
(Photo by Santi San Juan I MB)

Diesel prices are poised to rise by over a peso next week as Middle East outflows remain volatile.

Based on Mean of Platts Singapore’s (MOPS) full-week trading, diesel prices could rise by ₱1.15 to ₱3.15 per liter, while gasoline prices could either ease by ₱1.70 or inch up by ₱0.30 per liter.

Final adjustments will be determined on Monday, July 6, as the Department of Energy (DOE) sets the prescribed price movements for oil companies.

Apart from ongoing geopolitical tensions in the Middle East, an industry expert noted that the escalation of the Russia-Ukraine conflict is also impacting the market.

“The potential loss of Russian diesel exports following Ukrainian attacks on energy infrastructures have added another layer of support,” the industry source said.

Although there is a possibility that gasoline prices could decline next week, movements in China could restrict possible rollbacks, as it recently limited its fuel exports.

Meanwhile, the DOE earlier proposed key amendments to the Oil Deregulation Act to the Senate in an effort to dampen extreme market conditions amid global oil volatility.

Some of the key amendments included prescribing the allowable range of price adjustments during energy emergencies, implementing efficiency measures, directing agencies to assist in ensuring stable fuel and energy supply, and granting temporary power over operations in the downstream oil industry, among other measures that could be implemented during a crisis.

Under the current Oil Deregulation Act, the government is not legally allowed to interfere with how oil companies price their petroleum products. However, under Executive Order (EO) No. 110—invoked during a state of national energy emergency—the DOE would be authorized to set a price range for these firms.

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oil prices OIL PRICE HIKE diesel gasoline
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