The Philippines’ near-total dependence on Middle Eastern crude oil is now translating into what energy officials are calling the steepest single fuel price jump the country has faced, even if not the highest price on record.
The Department of Energy disclosed that several oil firms — among them Shell, Petron, and Total — have filed notices detailing when they intend to raise pump prices, with adjustments set to roll out between Tuesday, March 10, and the following Monday, March 16. The increases range from P17 to P24 per liter.
In a development DOE Secretary Sharon Garin characterized as a silver lining, fuel companies have committed to phasing in the adjustments gradually rather than imposing the full amount overnight. “What’s positive about the news today is that [fuel companies] have agreed to stagger [the price hike],” Garin said during Monday’s House Committee on Ways and Means hearing on fuel excise taxes. Some firms plan to raise prices in increments of P2.50 or P10.
“It’s not the highest [price] in history. But the one that will be implemented tomorrow will be the highest jump,” the DOE secretary said.
Garin cautioned that should the elevated pricing persist beyond a single week, broader economic consequences would follow, including higher transportation fares and cascading costs across industries.
The price volatility traces directly to the ongoing Middle East conflict. Airstrikes launched by Israel and the United States against Iran on February 28 killed Iranian Supreme Leader Ali Khamenei, triggering retaliatory attacks that have destabilized the region and rattled global markets. The Philippines imports 98% of its crude oil from the Middle East, according to the Philippine Information Agency, with key suppliers including Saudi Arabia, Iraq, and the UAE — all among the world’s largest oil exporters.
Under the country’s deregulated oil industry framework, the government has no authority to dictate fuel pricing; companies are required only to report and justify their adjustments to the DOE.
