Manila, Philippines — Local fuel prices may surge to unprecedented levels, with industry experts warning that gasoline and diesel could reach as high as P90 per liter if tensions in the Middle East continue to escalate.

Recent advisories from oil companies confirmed another round of increases, with gasoline prices rising by up to P1.90 per liter and diesel by P1.20 per liter this week. This marks the eighth consecutive week of hikes, driven largely by global market volatility following intensified conflict in the region.  

Economists noted that crude oil prices spiked by more than 6 percent in recent trading, fueled by reports of US and Israeli strikes on Iran and retaliatory attacks from Tehran. The closure of the Strait of Hormuz, a critical shipping route that handles over 20 percent of the world’s oil supply, has further disrupted global fuel shipments.  

Jetti Petroleum president Leo Bellas cautioned that the actual increases could surpass initial estimates. “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,” Bellas explained. 

Michael Ricafort, chief economist of Rizal Commercial Banking Corporation, added that the geopolitical crisis has created significant uncertainty in oil markets, making it difficult to predict when prices might stabilize.  

The looming possibility of P90 per liter fuel has sparked concern among transport groups and consumers, who fear the impact on commuting costs, food prices, and overall inflation. Government agencies are closely monitoring the situation, but analysts warn that unless tensions ease in the Middle East, the Philippines may face one of its steepest fuel price surges in history.