Fuel prices in the Philippines are set to climb for the eighth consecutive week, driven by escalating tensions in the Middle East. The increase will take effect starting at 6:00 AM on Tuesday, March 3, 2026, marking a persistent upward trend in energy costs that impacts consumers nationwide.
Seaoil Announces Price Adjustments
In an advisory released on Monday, March 2, Seaoil, a major fuel retailer, notified the public of significant price hikes. Gasoline prices will rise by P1.90 per liter, diesel by P1.20 per liter, and kerosene by P1.50 per liter. These adjustments reflect ongoing volatility in the global oil market, influenced by recent geopolitical events.
Global Market Dynamics and Economic Impact
Michael Ricafort, chief economist at Rizal Commercial Banking Corporation, highlighted that crude oil prices on the New York Mercantile Exchange surged by 6.1 percent to USD71.08 per barrel in Monday's trading. This increase followed an intraday high of USD75.33, underscoring the rapid fluctuations in energy markets. Ricafort attributed the price spike to recent attacks by the United States and Israel against Iran, which resulted in the death of Supreme Leader Ali Khamenei and subsequent retaliatory strikes by Tehran.
These developments have weakened the US dollar, with its value reaching 57.85 against the Philippine peso, compared to 57.7 on the previous Friday, February 27, 2026. The depreciation of the dollar further exacerbates the cost of imported oil, contributing to higher local fuel prices. This series of increases poses challenges for the Philippine economy, affecting transportation, logistics, and household budgets amid ongoing global uncertainties.
