Tovic Salvador

Motorists line up at a gasoline station along Philcoa in Diliman, Quezon City on Friday, March 6, in a rush to refuel ahead of the expected fuel price increase next week. Long queues of cars and motorcycles formed as drivers tried to fill up before the anticipated hike in gasoline and diesel prices.  Maria Tan, ABS-CBN News

Article (news)

OIL PRICE HIKE

David Dizon

Alvin Elchico

ABS-CBN News

MANILA (UPDATE) – The Department of Energy has announced more fuel price increases effective  Tuesday, March 24. The DOE said the following price hikes are expected this week:Diesel - up P11.88/literGasoline - up P6.47/liter Kerosene - up P13.66/literEstimates from some industry players are way higher, as risk premium costs and profit have already been factored in: Diesel  - up  P17.80/literGasoline - up P10.70/literKerosene - up P21.90/literEnergy Secretary Sharon Garin said oil prices have slightly calmed down in the international market, with fewer spikes in the last few days.The DOE continues to ask oil companies to implement staggered price increases “pero ‘yung iba hindi kaya so we’re still waiting for their reports for today kung ano yung plano nila,&quot; Garin said.Jetti Petroleum President Leo Bellas said his company is still studying whether or not to stagger the third bigtime price hike in as many weeks.Some other players have indicated they will still implement the adjustment in tranches while Caltex, Petron and Shell have yet to issue statements on the price changes.Garin said that implementing staggered price increases means lost revenue since fuel prices are fluctuating daily due to the Middle East conflict. She said fuel stockpiles will last until the first week of May as more deliveries come in.But Bellas warns that even if the war is finished today, it will take 2 months to get everything back to normal, meaning oil prices will likely remain elevated while restoration efforts are ongoing. <div>‘RATION FUEL NOW’</div>Philippine Economic Society ex-president Alexander Escucha, meanwhile, warned it is highly likely that the present oil crisis may echo the 1973 global oil crisis, which led to severe fuel rationing.Escucha noted economists have warned that even if the Iran crisis ends this month, restarting oil refineries and liquefied natural gas facilities of Qatar and Iran could last 3-4 weeks up to 3 months.“My conclusion here is - wag na natin hintayin ang last week of April para mamaluktot. Ngayon pa lang, the government should be proactive to prepare for a - hindi lang possible but highly likely na - ang pag cut off or severe reduction of supply of oil similar to the 1973 war,” he said in a separate DZMM interview.He added: “Maghanda na sa possible rationing. Dapat ngayon pa lang handa na ang ating mentalidad.”Carpooling and busing services are just some of the measures that could help mitigate a fuel crisis, he said.Garin, meanwhile, called on the public to be energy conscious and to avoid unnecessary use of fuel and electricity.The DOE has started its 5-day work from home program where employees whose job do not need to be in the office are mandated to work from home or elsewhere. The agency said it targets to cut its electricity and fuel expenses by half in the coming months.Oil prices rose early Monday after US President Donald Trump gave Iran a 48-hour ultimatum to open the Strait of Hormuz or face decimation of its energy infrastructure and Israel warned the war would continue for several more weeks.The US president is demanding the Islamic republic reopen the blocked Strait of Hormuz, through which some 20 percent of the world&#x27;s oil and gas shipments transit. The bottleneck has nearly halted all petroleum shipments through the narrow waterway, and oil prices have spiked.

The Department of Energy has announced more fuel price increases effective Tuesday, March 24.

The Department of Energy has announced more fuel price increases effective Tuesday, March 24.

Gas, diesel up again: DOE lists latest fuel price increases

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Gas, diesel up again: DOE lists latest fuel price increases

David Dizon,

Alvin Elchico,

ABS-CBN News

Published March 23, 2026 08:59 AM PHT

|

Updated March 23, 2026 04:08 PM PHT

Read More:

department of energy

oil crisis

oil prices

gasoline

diesel

kerosene

sharon garin

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