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Manila Bulletin devider Business devider The Economy devider Diesel up ₱3.84/L, gasoline up ₱2.49/L: Two-week rollback streak comes to end

Diesel up ₱3.84/L, gasoline up ₱2.49/L: Two-week rollback streak comes to end

Published Aug 17, 2026 02:59 pm
Fuel prices are set to surge this week, snapping a two-week streak of rollbacks as mounting geopolitical friction and regional supply constraints weigh on the local market.
Effective Tuesday, Aug. 18, domestic oil companies will raise diesel prices by ₱3.84 per liter and gasoline by ₱2.49 per liter. Kerosene will see the sharpest hike, climbing ₱5.01 per liter. These adjustments reflect maximum caps set by the Department of Energy (DOE) for oil retailers.
Both diesel and gasoline currently stand at 55.26 days of supply—a level the DOE considers healthy—meaning their inventories are identical. Kerosene sits at roughly 164 days of supply, while liquefied petroleum gas (LPG) holds about 40.22 days. Overall, the country maintains 58.34 days of total fuel inventory.
“Diplomatic efforts between the United States and Iran slowed, bringing uncertainty to the international oil market—specifically the Mean of Platts Singapore—and elevating foreign exchange rates,” Energy Secretary Sharon Garin said in a press briefing on Monday, Aug. 17.
Energy Undersecretary Alessandro Sales noted that Dubai crude is currently trading at around $88 per barrel.
“Refined diesel has surged to $160 a barrel, nearly double the price of crude, reflecting a regional supply shortage,” Sales added, though he assured the public that upcoming price spikes will not reach ₱20 per liter.
Garin added that despite the end of the two-week rollback, the DOE remains committed to insulating consumers from market volatility by diversifying fuel sources to strengthen energy independence.

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oil prices Oil price hike gasoline Diesel
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