Diesel prices could increase by P2.00 to P4.00 per liter on July 14, based on the first four trading days' Mean of Platts Singapore and foreign exchange averages.

The projected diesel hike comes as demand for middle distillates remains firm while physical supplies stay tight. This tight supply and demand situation will likely impact gasoline prices, with either a P1-per-liter rollback or hike.

The escalating Middle East conflict fuels concerns over global supply, an industry source said. Diesel prices could increase by P2.00 to P4.00 per liter on July 14, based on the first four trading days' Mean of Platts Singapore and foreign exchange averages.

Motorists may face another diesel price hike next week as the escalating Middle East conflict fuels concerns over global supply. Diesel prices could increase by P2.00 to P4.00 per liter on July 14, based on the first four trading days' Mean of Platts Singapore and foreign exchange averages.

Motorists may face another diesel price hike next week as the escalating Middle East conflict fuels concerns over global supply. Diesel prices could increase by P2.00 to P4.00 per liter on July 14, based on the first four trading days' Mean of Platts Singapore and foreign exchange averages.

According to the Philippine Statistics Authority, the country's diesel consumption has been increasing annually. In 2024, diesel consumption reached 12,300 barrels per day, from 11,300 barrels per day in 2023.

The country's reliance on imported diesel poses significant risks to the economy. The Philippines imports approximately 70% of its diesel needs, with the top supplier being Singapore, followed by the United Arab Emirates.

A significant increase in diesel prices will likely have a ripple effect on the economy, affecting various sectors such as logistics, transportation, and agriculture. The country's economic growth may slow down due to the potential rise in diesel prices.

The Bangko Sentral ng Pilipinas (BSP) has been closely monitoring the global oil market. The BSP has been urging the government to implement measures to stabilize domestic oil prices.

Motorists are advised to budget for the potential increase in diesel prices. The government may consider implementing measures to stabilize domestic oil prices and mitigate the impact of the diesel price hike.

Key Facts

  • Diesel prices could increase by P2.00 to P4.00 per liter on July 14.
  • The Philippines imports approximately 70% of its diesel needs.
  • The country's diesel consumption increased to 12,300 barrels per day in 2024.
  • The Bangko Sentral ng Pilipinas (BSP) has been urging the government to implement measures to stabilize domestic oil prices.
  • A significant increase in diesel prices will likely have a ripple effect on the economy, affecting various sectors such as logistics, transportation, and agriculture.