Benise Balaoing

Fuel prices are displayed at a gasoline station in Quezon City on April 7, following another round of fuel price hikes. Oil companies raised gasoline prices by as much as P5.90 per liter and diesel by up to P19.80 per liter, marking one of the largest increases in recent weeks. Maria Tan, ABS-CBN News

Article (news)

OIL PRICE HIKE

Alvin Elchico

ABS-CBN News

<p>MANILA — Oil prices continue to soar in the international market as the US vows to target Iranian bridges and power plants if Iran bombs ships in the Strait of Hormuz.</p><div><a href="https://www.abs-cbn.com/news/business/2026/7/20/massive-oil-price-hike-seen-in-3rd-week-of-july-0952" rel="noopener noreferrer" target="_blank">Massive oil price hike seen in 3rd week of July</a></div><p>Based on the first 3 trading days in Mean of Platts Singapore, prices of all fuel products have further gone up.</p><p>Diesel - P4.70/L increase</p><p>Gasoline - P4.90/L increase</p><p>Kerosene - P3.30/L increase</p><p>Jetti Petroleum President Leo Bellas sees further price increases in the last 2 trading days as the situation in the Middle East shows no easing.</p><div><a href="https://www.abs-cbn.com/news/world/2026/7/23/oil-prices-jump-on-mideast-war-stock-markets-diverge-0619" rel="noopener noreferrer" target="_blank">Oil prices jump on Mideast war, stock markets diverge</a></div><p>Bellas said the price increase may exceed P5/liter after Friday. If that happens, the current common diesel price of around P85-P86 will climb to the P90/liter level.</p><p>Gasoline, which currently sells at around P78/liter, will be more than P80/liter next week if the increase reaches P5/liter.</p><p>But Bellas admits that if the war in the Middle East worsens in the next weeks, diesel may again reach the P100/liter level--not far from the highest price of more than P120/liter during the peak of the US-Iran conflict in April.</p><p>The US continues its attacks against Iran, targeting vital installations, as Iran retaliates by attacking Middle East countries with US facilities.</p><p>The price of main international oil contract, Brent North Sea, soared five percent Thursday after Houthi rebels claimed to have struck two Saudi oil tankers in the Red Sea.</p><p>Brent reached $98.80 a barrel while main US contract, West Texas Intermediate, rallied 3.8 percent to $90.11 a barrel, as the attacks potentially opened a new front in the Middle East war.</p><div><em>- With a report from Agence France-Presse</em></div>

Another big-time oil price hike looms next week

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Another big-time oil price hike looms next week

Alvin Elchico,

ABS-CBN News

Published July 23, 2026 06:18 PM PHT

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oil prices

gasoline

kerosene

diesel

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