The price of oil in the international market has breached $100 per barrel, and continues to approach the $120 high set earlier in the Middle East war during March. This is in light of the continued strikes from both sides against tankers attempting to exit the Strait of Hormuz.
For the period of September 15 to 21, 2026, the price of diesel will go up by P4.31 per liter, while gasoline prices will increase by P5.68 per liter. Finally, kerosene will also have a price increase of P4.62 per liter.
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The conflict has also continued spreading to other regions in the Middle East, with Saudi Arabia’s East-West pipeline being attacked and shut down by Houthi drone strikes. The pipeline provided an option for shipping out fuel products that bypassed the Strait of Hormuz.
Diesel prices in the Philippines are expected to breach P100 per liter in certain areas once this week’s price hikes take effect. To this point, transport group Manibela is holding another two-day nationwide strike from September 14 to 15, once again calling for the suspension of excise and value-added tax on fuel products.
