Marilyn Cahatol

A jeepney driver refills his gas tank at a station in Manila on March 15, 2022. Motorists and commuters continue to struggle as oil prices continue to skyrocket. George Calvelo, ABS-CBN News

Article (news)

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px;display:block" width="960"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/177214850309120220315-oil-price-hike-manila-GC-0301 (2).jpg" style="width:960px" class="fr-fic fr-dib" width="960"/><span class="fr-inner" style="text-align:left">A jeepney driver refills his gas tank at a station in Manila on March 15, 2022. Motorists and commuters continue to struggle as oil prices continue to skyrocket. <em>George Calvelo, ABS-CBN News </em></span></span></span></div><p>MANILA — Expect another oil price hike in the first week of March due to the geopolitical tension between Iran and the United States, the Department of Energy (DOE) said Friday, Feb. 27. </p><p>Based on the trade monitoring in the Means of Platts Singapore, DOE Oil Industry Management Bureau Assistant Director Rodela Romero said the following increases may be expected next week:</p><p>Gasoline – P1.10 per liter</p><p>Diesel – P0.50 per liter</p><p>Kerosene – P0.90 per liter</p><p>This will be the ninth consecutive price hike for diesel and kerosene, and the eighth for gasoline since the start of 2026. </p><p>Over the past two months, gasoline increased by P4.80 diesel went up by P7.70 while kerosene increased by P6.70.</p><p>Geopolitical tension between global oil production giant Iran and the United States continues to play a major role in the price adjustments. </p><p>“Itong nakaraang linggo, talagang sunod-sunod. Pangsiyam na, mula talaga simula ng taon na ito, sunod-sunod na increases po. Ito po pa rin, yung kadahilanan, yung kaguluhan sa pagitan ng Iran at United States,” Romero said.  </p><p>The chances of military conflict between the two countries increased after they concluded talks in Geneva without a nuclear deal. </p><p>US President Donald Trump previously sent warships and dozens of fighter planes to the Middle East, saying he would decide whether or not to strike Iran should a nuclear deal not materialize. </p><div><a href="https://www.abs-cbn.com/news/world/2026/2/26/us-military-buildup-in-middle-east-as-tensions-with-iran-rise-0704">US military buildup in Middle East as tensions with Iran rise</a></div><p>Last Feb. 25, the US government imposed a new wave of sanctions on vessels transporting Iranian petroleum products, claiming they contribute to “the Iranian regime’s aggressive development of missiles and other asymmetric and conventional weapons capabilities.”<strong> — With a report from Reuters</strong></p><div><a href="https://www.abs-cbn.com/news/world/2026/2/23/what-does-trump-want-in-iran-1210">What does Trump want in Iran?</a></div><div><br/></div><div><strong>RELATED VIDEO:</strong></div><div style="text-align:center"><iframe width="560" height="315" src="https://www.youtube.com/embed/0771GrKPVlk?si=IgsIydhh7tO2BKMA" title="YouTube video player" frameBorder="0" allowfullscreen=""></iframe></div>

<p>Expect another oil price hike in the first week of March due to the geopolitical tension between Iran and the United States, the Department of Energy (DOE) said Friday, Feb. 27.</p>

Expect another oil price hike in the first week of March due to the geopolitical tension between Iran and the United States, the Department of Energy (DOE) said Friday, Feb. 27.

Another oil price hike looms in March

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Another oil price hike looms in March

Marilyn Cahatol,

ABS-CBN News

Published February 27, 2026 08:02 AM PHT

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Updated February 27, 2026 06:34 PM PHT

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Oil prices

Department of Energy

United States

Iran

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