As the U.S.-Israel-Iran war rages on, Filipinos can only expect fuel prices to climb higher this week. With double-digit increases hitting already high oil prices, the price of diesel may reach P114 in the coming days, according to the Department of Energy (DOE).
At a press conference on Monday, March 16, the DOE said gasoline, already at around P75 per liter, is expected to go up by a range of P12.90 to P16.60. Diesel, currently priced at around P91, may get an increase of P20.40 to P23.90. Kerosene, at around P134.89, may also be priced up by P8.90 by next Monday. March 23.
This is in addition to last week’s increases: P13 for gasoline, P24.25 for diesel, and P38.50 for kerosene.
Unpredictable Outcomes
The oil price hike comes as the Iranian government continues its blockade on the Strait of Hormuz, a crucial “oil corridor” where ships carrying fuel pass through, in response to the U.S. and Israel’s attacks on Iran. Iranian Foreign Minister Abbas Araghchi says the Strait of Hormuz is open to all countries and is “only closed to American [and] Israeli ships and tankers.”
As of Sunday, March 15, the strikes have killed 1,444 individuals and injured 18,551 in Iran, Al Jazeera reports. Among these casualties are 168 children and 200 women, according to the Iranian Health Ministry. In Lebanon, attacks by the U.S. and Israel have also killed 826 people, among them 98 children, while over 2,000 are injured. Iran’s attacks on Israel, on the other hand, have killed 15 individuals and injured 3,138.
On Sunday, U.S. President Donald Trump called on allies to help the U.S. in its effort to reopen the Strait of Hormuz. The BBC reports that Trump has asked for help from Japan, South Korea, the U.K., and even China to send warships to the shipping passage.
On his social media platform Truth Social, Trump said, “In the meantime, the United States will be bombing the hell out of the shoreline, and continually shooting Iranian boats and ships out of the water. One way or the other, we will soon get the Hormuz Strait open, safe, and free.”
Last week, President Ferdinand “Bongbong” Marcos Jr. said that he is seeking alternative suppliers as Iran continues to choke the global oil supply. This week, the House of Representatives is set to approve a proposed measure, which Marcos has certified as urgent, temporarily suspending or reducing excise taxes on fuel during national or global economic emergencies.
Frequently Asked Questions
The Department of Energy expects diesel, currently around P91 per liter, to increase by P20.40 to P23.90, potentially reaching P114 by March 23, amid the ongoing U.S.-Israel-Iran conflict.
Fuel prices are climbing due to Iran’s blockade of the Strait of Hormuz, a key oil shipping corridor, in response to U.S. and Israeli strikes on Iran, disrupting global oil supply.
The Strait of Hormuz is a critical oil shipping corridor that Iran has blockaded in response to U.S. and Israeli attacks. Iran’s foreign minister says it remains open to all countries except U.S. and Israeli vessels.
Marcos is seeking alternative oil suppliers and has certified as urgent a measure to temporarily suspend or reduce excise taxes on fuel during national or global economic emergencies.
Trump has asked allies including Japan, South Korea, the U.K., and China to send warships to the strait, and said on Truth Social that the U.S. would target Iranian boats and shoreline positions to reopen it.
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