Diesel prices soar P8 in two months as fuel costs keep rising

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February 23, 2026 | 11:24am

MANILA, Philippines — Motorists face another fuel price hike of up to P1.20 per liter beginning Tuesday, February 24.

Diesel and kerosene prices will rise by P1.20 per liter starting this week, oil firms announced Monday, February 23, marking their ninth consecutive increase. Gasoline, meanwhile, will cost P0.60 per liter more for its seventh straight weekly hike.

The latest round of hikes also exceeded last week's estimates, which placed diesel increases at P0.40 to P0.60 per liter, while gasoline and kerosene at only P0.10 per liter.

This means fuel prices have moved upward for nearly two straight months, a pattern not seen in 2025, when smaller increases and occasional rollbacks occurred from January to February.

Department of Energy (DOE) Oil Industry Management Bureau Assistant Director Rodela Romero said escalating geopolitical conflicts involving the United States and Iran, along with the ongoing Russia-Ukraine tensions, are contributing to higher oil prices.

Jetti Petroleum President Leo Bellas further explained that the market priced in recent developments between the United States and Iran as an "additional risk of supply disruption," which effectively drove oil prices even higher.

Since February 16, the Mean of Platts Singapore (MOPS) prices have surged more than 5%, reflecting market concerns that the ongoing US-Iran tensions may no longer be settled peacefully as Washington threatens military strikes if Iran does not stop its nuclear plans.

The MOPS is the daily benchmark for refined petroleum products in the Asia-Pacific, which is simply an average price assessment used to determine increases and decreases in fuel. 

However, Bellas said that although fuel prices are climbing, the gains have been somewhat cushioned by the Philippine peso's slight appreciation against the US dollar.

Last week, gasoline increased by P1.20 per liter, while diesel and kerosene rose by P0.60 per liter. 

This week's hike brings year-to-date increases to P8.20 per liter for diesel, P6.20 for kerosene and P4.80 for gasoline. — with reports from the Philippine News Agency