As expected by market observers, the renewed conflict in the Middle East has kicked up oil prices in the world market, resulting in big pump price increases in the Philippines. The Department of Energy has also returned to prescribing fixed values for price adjustments, citing continued market volatility.
For the period of July 21 to 27, 2026, the price of diesel will go up by P10.68 per liter, while gasoline prices will increase by P3.65 per liter. Finally, kerosene will also have a price increase of P11.77 per liter.
The DOE formally requested the country’s oil players to stagger the major increases this week, as was previously done during the start of the oil crisis. As of writing, Shell has agreed to stagger its increases for diesel and kerosene over three days from Tuesday to Thursday.
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DOE Secretary Sharon Garin also reiterated the need for a strategic national fuel reserve. While the Philippines’ fuel supply is still good for around 45 days, a proper national reserve would be able to hold much more than that, in turn protecting consumers from the worst of oil price shocks. Garin also shared that the DOE’s proposed amendments to the Oil Deregulation Law of 1998 are currently being expedited through Congress and the Senate.
The Department also confirmed that the P10 per liter subsidy for jeepney and UV Express drivers will continue into the prolonged oil crisis. So far, around P320 million of fuel subsidies have been availed by 86,417 individual drivers since the program started in mid-April.
