Fuel price spike seen amid war on Iran

MANILA, Philippines — Domestic pump prices could surge beyond initial estimates this week amid escalating tensions in the Middle East following the joint assault by the United States and Israel on Iran, experts have warned.

“The price increase may go higher than initial estimates as it can be influenced by the much larger freight and premium that will be used in the cost buildup,” Jetti Petroleum president Leo Bellas told reporters yesterday.

Rizal Commercial Banking Corp. chief economist Michael Ricafort, meanwhile, said global markets remained in a wait-and-see mode while waiting for trading to resume today.

Diesel and kerosene prices have been rising since the last week of 2025, while gasoline has been climbing steadily since mid-January.

This week, local industry sources initially estimated a potential per-liter price hike of P1.40 to P1.60 for gasoline, P0.80 to P1 for diesel and around P0.90 for kerosene.

Since January, gasoline, diesel and kerosene prices have jumped by P4.80, P8.20 and P6.20 per liter, respectively.

Sen. Sherwin Gatchalian, for his part, called on economic and security managers to brace for worst-case scenarios because the conflict in the Middle East will not only hit oil prices, but food as well. — Neil Jayson Servallos