Benise Balaoing

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

Alvin Elchico

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/178839970560320260306-oil-price-hike-refueling-MT3 (1).jpg" style="width: 960px;" class="fr-fic fr-dib" width="960"><span class="fr-inner" style="text-align: left;">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. &nbsp;Maria Tan, ABS-CBN News</span></span></span></div><p>(UPDATED) Motorists should brace for a hefty price increase on Tuesday as oil prices continue to soar on the third day of trading in the world market.</p><p>As air strikes between Iran and the US intensify, oil prices also rise with diesel posting an increase of P4.60/liter, P3.90/liter for gasoline and P4.50/liter for kerosene.</p><p>But there are 2 more trading days left that can further bloat or perhaps reduce the impending price adjustments.</p><p>According to Jetti Petroleum President Leo Bellas, prices are expected to remain elevated in the last 2 trading days.</p><p>But Bellas said another factor that pushes the upward adjustment is the weaker peso against the US dollar.</p><p>The peso closed at P62.565 against the US dollar on Wednesday, its weakest in history.</p><p>Bellas estimates that the increase due to the weaker peso is around 60-centavos per liter for diesel and around 50-centavos per liter for gasoline based on the first 3 trading days.</p><p>If prices rise by around P4 to P5/liter next week, diesel will still hover at over P80/liter level while gasoline will now breach the P80/liter level.</p><div><br></div><div><br></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe src="https://www.facebook.com/plugins/video.php?height=476&href=https%3A%2F%2Fwww.facebook.com%2Freel%2F2316594065825954%2F&show_text=false&width=267&t=0" width="267" height="476" style="border-width: medium; border-style: none; border-color: currentcolor; border-image: none; overflow: hidden; --darkreader-inline-border-top: 0px; --darkreader-inline-border-right: 0px; --darkreader-inline-border-bottom: 0px; --darkreader-inline-border-left: 0px;" scrolling="no" frameborder="0" allowfullscreen="true" class="fr-draggable" data-darkreader-inline-border-top="" data-darkreader-inline-border-right="" data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left=""></iframe></span><br></div><p>Oil prices have risen since a weekend US strike on an Iranian island in the Strait of Hormuz, sparking a series of tit-for-tat attacks in which <a href="https://www.abs-cbn.com/news/world/2026/9/2/iran-strikes-back-against-latest-us-attacks-1219">Tehran has targeted American interests in Mideast countries.</a></p><div><a href="https://www.abs-cbn.com/news/world/2026/9/3/trump-floats-renaming-strait-of-hormuz-as-trump-strait-0817">Trump floats renaming Strait of Hormuz as &#39;Trump Strait&#39;&nbsp;</a></div><p>With the strait &mdash; through which about a fifth of world oil and liquefied natural gas normally pass &mdash; &nbsp;effectively closed and energy costs unlikely to come down markedly anytime soon, fears are growing that high inflation will settle in.</p><p>Elevated oil prices increase the prospect of sustained higher levels of inflation and central banks hiking interest rates in reaction.&nbsp;</p><div><strong>&mdash; With a report from Agence France-Presse</strong></div><div><strong></strong><a href="https://www.abs-cbn.com/news/world/2026/9/2/two-filipinos-killed-in-attack-on-saudi-oil-tanker-in-hormuz-shipping-firm-1702">2 Filipino seafarers killed in oil tanker attack near Strait of Hormuz&mdash;DMW&nbsp;</a><br><a href="https://www.abs-cbn.com/news/nation/2026/9/3/family-of-seafarer-killed-near-strait-of-hormuz-demands-answers-swift-repatriation-0759">Family of seafarer killed near Strait of Hormuz demands answers, swift repatriation&nbsp;</a></div><div><strong></strong><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/EXygTULzzto?&wmode=opaque&rel=0" frameborder="0" allowfullscreen="" class="fr-draggable"></iframe></span><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/sVOyqmRU67c?&pp=0gcJCRoMAYcqIYzv&wmode=opaque&rel=0" frameborder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br></div>

<p>Motorists should brace for a hefty price increase on Tuesday as oil prices continue to soar on the third day of trading in the world market.</p>

Motorists should brace for a hefty price increase on Tuesday as oil prices continue to soar on the third day of trading in the world market.

Continued US-Iran conflict likely to cause big time fuel price hike next week

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Continued US-Iran conflict likely to cause big time fuel price hike next week

Alvin Elchico,

ABS-CBN News

Published September 03, 2026 09:58 AM PHT

|

Updated September 03, 2026 08:29 PM PHT

Read More:

oil prices

gasoline

kerosene

diesel

ANC promo

Israel

war

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Iran

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