Big fuel price hike set for July 21 as Middle East tensions flare again
Listen to this articleUpgrade to listenPowered bySpeechifyAlready have Rappler+?Sign in to listen to groundbreaking journalism. WHY THIS MATTERSA gas station in Manila adjusts fuel prices after another round. . .
Listen to this articleUpgrade to listenPowered bySpeechifyAlready have Rappler+?Sign in to listen to groundbreaking journalism. WHY THIS MATTERSA gas station in Manila adjusts fuel prices after another round of oil price increases, with partial adjustments already in effect, on March 17, 2026. Rappler(1st UPDATE) It's a double-digit price increase per liter for diesel and kerosene for July 21 to 27MANILA, Philippines – Motorists face another steep increase in pump prices starting Tuesday, July 21, as renewed fighting in the Middle East again pushes up global oil and refined fuel prices. In a press conference on Monday, July 20, Energy Secretary Sharon Garin announced the following fuel price adjustments for the week of July 21 to 27:Diesel – increase ofP10. 68per literGasoline – increase ofP3. 65per literKerosene – increase ofP11. 77per literThe adjustments will take effect on Tuesday, July 21. Screenshot from Department of Energy press conference July 20, 2026The price increase followslast week’s hike, when gasoline prices rose by around P1 per liter, while diesel increased by P2. 62 to P4. 62 per liter and kerosene by P2. 22 to P4. 22 per liter. Ahead of the official July 21 adjustment, Department of Energy (DOE) officials hadwarnedof an “extra-large” increase, with fuel prices potentially rising by more than P10 per liter. The latest hike comes as the DOE moves back to stricter fuel pricing rules. After weeks of announcing broad price ranges, the agency earlier said it would return to prescribing a single maximum price increase or minimum rollback to make pump price monitoring tighter and protect consumers. Garin said the use of price ranges was meant to give oil firms flexibility when market conditions were stabilizing. But the DOE shifted back to tighter rules after observing that many retail stations tended to implement price increases at the maximum end of the allowed range. On Monday, Garin said the government had appealed to oil companies to stagger the latest price hike for the sake of consumers, but that this was voluntary on the part of the retailers. Meantime, the DOE said the country’s fuel inventory was at an average of 45. 77 days as of July 17. Diesel inventory was at almost 46 days, gasoline at 43 days, jet fuel at 82 days, LPG at 34 days, fuel oil at 34 days, and kerosene at 139 days. Garin described the country’s fuel supply as “still sufficient” and still above the legally required 30 days. Screenshot from Department of Energy press conference July 20, 2026Renewed hostilitiesThe latest price shock is being driven by renewed hostilities in the Middle East, particularly around the Strait of Hormuz, one of the world’s most important oil and gas shipping routes. The United States has launched afresh round of airstrikesagainst Iran after US military personnel were killed in an Iranian attack. The Strait of Hormuz remains a key risk to global fuel markets because a large share of the world’s crude oil and liquefied natural gas passes through the narrow waterway between Iran and Oman. Any disruption to tanker traffic can quickly affect crude and refined product prices, including the Mean of Platts Singapore (MOPS) which directly influences Philippine pump prices. Much of the Philippines’ fuel is imported as finished petroleum products, including diesel and gasoline. This means local pump prices are more directly influenced by regional traded prices of finished fuels, not the price of Dubai crude alone, which has fallen in recent weeks. Despite intermittent easing in crude prices in recent weeks, local pump prices remain well above levels seen before fighting involving Iran and US-Israeli forces erupted on February 28. In the last full week before the conflict, DOE data showed common retail prices in Metro Manila at P56 per liter for gasoline RON95, P54. 70 per liter for gasoline RON91, P55 per liter for diesel, and P83. 47 per liter for kerosene. – Rappler. comHow does this make you feel?Loading