Oil firms extend price hike in March

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February 28, 2026 | 12:00am

MANILA, Philippines — Following consecutive increases over the past two months, another round of upward pump adjustments is expected in the first week of March.

Initial indications point to a potential price hike of P1.40 to P1.60 per liter for gasoline and P0.80 to P1 per liter for diesel, according to local industry sources.

Kerosene prices, meanwhile, could climb by around adjustment potentially higher once oil firms’ operating costs and other premiums are factored in.

Rodela Romero, assistant director at the Department of Energy, said global markets were still assessing the outcome of the recent talks between the United States and Iran.

“The US sanctioned 12 more tankers transporting Iranian crude and continues its massive military buildup in the Middle East region. These contributed to the upward direction of petroleum product prices,” Romero said.

For Jetti Petroleum president Leo Bellas, the risk of a “disruption-driven spike” has kept prices elevated, noting that both countries have already signaled their “readiness to escalate.”

“The temporary closure of parts of the Strait of Hormuz for live-fire drills reported by Iran last week underscored Iran’s capability to disrupt transit in the strait, even if only briefly,” he added.

Yesterday’s trading will determine the final price adjustments, which will be announced on Monday and will take effect the following day.

Earlier this week, gasoline prices went up by P0.60 per liter, while diesel and kerosene increased by P1.20 per liter.