1 day ago
11
Upgrade to High-Speed Internet for only ₱1499/month!
Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.
Visit Suniway.ph to learn
Brix Lelis - The Philippine Star
March 24, 2026 | 12:00am
A motorcycle rider refuels at a gasoline station in Quezon City yesterday as higher fuel prices are expected next week.
Miguel De Guzman
MANILA, Philippines — Shipments of 500,000 barrels of diesel are en route to bolster the Philippines’ depleting fuel buffer, as the government continues to build up stocks amid the ongoing global oil crisis.
On top of these deliveries, Energy Secretary Sharon Garin said the government is planning to secure an additional 500,000 barrels this week.
“We’re still about to lock in the contract, then it will be loaded and delivered here. So it will take about one to two more weeks, depending on where it’s coming from,” Garin told radio dzMM yesterday.
This additional supply, however, is expected to just cover an additional five days, as the country consumes around 200,000 barrels of diesel daily.
The energy chief maintained that the country’s supply, including the one in transit, remains sufficient until the first week of May, and there is still no sign of a fuel crisis.
Jetti Petroleum is set to implement a one-time price increase of P18 per liter for diesel and P8 per liter for gasoline this week.
The Department of Energy (DOE) has yet to issue an advisory on the price adjustments of other oil companies.
With this week’s adjustments, diesel prices are on track to reach P130 per liter, while gasoline will likely hover around the P100 mark.
Regional benchmark Dubai crude climbed above $134 per barrel last week after hitting a record high of $166.80, as the ongoing US-Israel war with Iran caused severe damage to energy hubs across the Middle East.
Amid the global oil crisis, Garin admitted that fuel price hikes in the Philippines are higher than in neighboring countries, many of which provide subsidies.
“Also, we don’t have a robust refinery or oil industry. We only have one refinery, but that’s one of the reasons prices increase quickly. Other countries can subsidize, but we don’t do that because of the Oil Deregulation Law,” she noted.
The Philippines’ only remaining refinery in Bataan sources around 98 percent of its crude oil or unrefined petroleum from the Middle East, according to the DOE.
Sen. Erwin Tulfo, for his part, is pushing for a measure requiring oil companies to disclose the breakdown of their costs to prevent them from jacking up fuel prices during crisis.
“We must put an end to this seemingly taking advantage of external events to pass the burden to the consumers,” Tulfo said, referring to his Senate Bill 641
Meanwhile, Cebu-based fuel retailer Top Line Business Development Corp. said it does not see an “immediate risk” of a fuel supply shortage, citing the country’s efforts to secure supplies from diversified sources. — Mark Ernest Villeza, Evelyn Macairan, Marc Jayson Cayabyab
