Another Oil Price Hike Expected This Week Due to Middle East Conflict
FUEL PRICE UPDATE – Another oil price hike is expected this week due to ongoing conflict in the Middle East following US and Israeli military strikes on Iran.
Starting Tuesday, March 3, 2026, Filipino motorists across the country will once again feel the pinch as fuel prices.
Oil companies announced fresh adjustments that will add P1.90 per liter to gasoline, P1.20 to diesel, and P1.50 to kerosene. Most firms will apply for the new rates early in the morning, while one company will implement the change later in the afternoon.
The looming oil price hikes marks the eighth straight week that gasoline prices have gone up. Diesel has now increased for 10 consecutive weeks, while kerosene has risen for nine weeks in a row.
Since the start of the year, fuel costs have climbed significantly, placing added pressure on drivers, transport groups, and businesses that rely heavily on fuel for daily operations.
The continued rise in pump prices is tied to growing instability in the Middle East. Recent military actions involving the United States, Israel, and Iran have shaken global oil markets. Reports of airstrikes and retaliatory attacks have raised fears of supply disruptions in one of the world’s most important oil-producing regions.
Global oil prices reacted quickly. Brent crude, the international benchmark, briefly surged past 80 dollars per barrel before easing slightly.
Energy officials explained that this week’s increase may not yet reflect the full impact of the conflict. If tensions continue, larger price hikes could follow in the coming weeks.
As of this writing, motorists are advised to prepare for higher expenses, as relief at the pumps remains uncertain.
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