MANILA — Oil prices are set to soar in the third week of July as tensions flare up once again in the Middle East.
The Department of Energy (DOE) said prices could climb by as much as P3.65 per liter for gasoline, P10.68 per liter for diesel, and P11.77 per liter for kerosene.
In light of the steep hikes, the DOE said it is asking oil companies to consider staggering the increases to ease the burden on consumers. Energy Secretary Sharon Garin said the request is being made to oil companies to work together with government in helping cushion the impact on the public, stressing that any staggering of price hikes would be entirely voluntary on the companies’ part.
In response, Shell has agreed to stagger its price increases across three days. On July 21, gasoline will rise by P3.60 per liter, diesel by P8.20 per liter, and kerosene by P8.10 per liter. On July 22, there will be no gasoline increase, while diesel and kerosene will rise by P1.20 and P2.30 per liter respectively. On July 23, gasoline will again see no increase, with diesel rising by P1.20 per liter and kerosene by P1.20 per liter.
Garin noted that oil companies are permitted to practice forward pricing, allowing them to secure sufficient funds to purchase new stock.
Despite the looming price hikes, energy officials said the country currently holds more than adequate fuel reserves. As of July 17, 2026, diesel supply is sufficient for 46 days, gasoline inventory stands at over 43 days, and kerosene supply is nearly at 140 days’ worth.
