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Manila Bulletin devider Business devider Trade & Industry devider Fuel price rollback ends next week with hefty diesel hike

Fuel price rollback ends next week with hefty diesel hike

Published Aug 14, 2026 10:07 am
A motorcycle rider refuels at a station in Quezon City on Tuesday, April 21, following a significant rollback in fuel prices. Oil companies implemented a major price cut this week, ₱24.94 per liter decrease for diesel, while gasoline and kerosene prices were slashed by ₱3.41 and ₱2.00, respectively. (Photo by Santi San Juan I MB)
A motorcycle rider refuels at a station in Quezon City on Tuesday, April 21, following a significant rollback in fuel prices. Oil companies implemented a major price cut this week, ₱24.94 per liter decrease for diesel, while gasoline and kerosene prices were slashed by ₱3.41 and ₱2.00, respectively. (Photo by Santi San Juan I MB)
Fuel price rollbacks may come to an end next week, as global market forecasts point to potential price hikes.
Based on the four-day Mean of Platts Singapore (MOPS) trading average, diesel prices could increase by ₱3.75 to ₱4.25 per liter, while gasoline prices could rise by ₱2.50 to ₱3.00 per liter.
The Department of Energy (DOE) is scheduled to release the final price estimates for oil companies on Monday, Aug. 17.
Despite earlier plans for peace talks between the United States and Iran, an industry expert explained that global markets remain concerned over supply disruptions as the Strait of Hormuz remains inaccessible to maritime vessels.
“World oil prices rose this week as optimism for a peace deal and a near-term reopening of traffic through the Strait of Hormuz faded, with markets becoming more skeptical as negotiations are now further complicated by competing demands for compensation over the five-month conflict,” the source said.
“Diesel and gasoline prices surged as diplomatic efforts to reopen and normalize transit through the Strait of Hormuz stalled, and the continued decline in global product inventories due to refinery output disruptions is keeping refined product markets tighter than crude.”
Additionally, the steep price projections are driven by concerns over declining global inventories, as exports from the Middle East Gulf and Black Sea remain restricted. Further disruptions caused by sanctions could also tighten global crude supplies.
“Gasoline is supported by positive regional demand signals while uncertainty over Chinese export volumes persists. Middle East supply risks and constrained Russian exports continue to provide underlying support for diesel,” the industry expert noted.
Despite these upward risks, the analyst noted that price spikes may be capped by potentially weaker demand, alongside swelling U.S. crude inventories weighing on market sentiment.

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oil prices gasoline diesel OIL PRICE HIKE
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