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Manila Bulletin devider Business devider The Economy devider Fuel price hike: Diesel up ₱1.60, gasoline up ₱0.80

Fuel price hike: Diesel up ₱1.60, gasoline up ₱0.80

Published Feb 2, 2026 10:16 am
Oil prices are set to climb for the first week of February as escalating geopolitical friction and supply-side constraints pressure the global energy market.
Local oil firms announced on Monday, Jan. 2, that gasoline prices will increase by ₱0.80 per liter, while diesel—the backbone of the country’s transport and logistics sector—will see a steeper rise of ₱1.60 per liter.
Kerosene is scheduled to increase by ₱1.10 per liter.
Major retailers including Shell Pilipinas Corp., Seaoil Philippines Inc., Petro Gazz, and Chevron Philippines Inc. (Caltex) will implement the price adjustments effective 6:00 a.m. on Feb. 3. Cleanfuel, often the last to adjust, will apply the new rates at 8:01 a.m. the same day.
Analysts at ING Economics noted that the intensifying standoff between the United States (US) and Iran has placed the market on edge. The deployment of additional US naval vessels into the region has stoked fears of potential maritime blockades or strikes on energy infrastructure, which could sever critical supply lines.
The Department of Energy’s Oil Industry Management Bureau also reported that severe winter freeze in the West disrupted production and logistics, leading to a temporary output loss of approximately two million barrels per day.
Regional logistical hurdles also contributed to the price spike. Market participants monitored reduced oil flows from Kazakhstan this week, which tightened immediate availability. While market signals suggest an impending uptick in global demand, the supply side remains fragmented.
Strict sanctions from the US and the European Union continue to deter refiners from purchasing Russian crude. This has left significant volumes of Russian oil in limbo, seeking alternative buyers even as the broader market grows increasingly undersupplied.
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