PH logs world’s highest fuel price surge

GlobalPetrolPrices flags 81.6% diesel spike.

The Philippines has recorded the world’s highest increase in fuel prices since the Iran war began in late February, raising concerns over deregulation and heavy reliance on imports.

GlobalPetrolPrices, a research firm that tracks international fuel prices, released a report monitoring price movements since the start of the Iran war on February 23.

The Philippines logged the highest price increase for diesel globally, with domestic prices rising by 81.6% as of March 23. By March 30, diesel prices were already nearing an average of ₱120 per liter.

The country also ranked second highest for gasoline price increases at 54.2%, just behind Myanmar at 54.4%. Locally, gasoline now ranges from ₱85 to ₱90 per liter.

Global supply was disrupted by the blockage of the Strait of Hormuz, where most oil shipments from the Gulf region pass. As a result, prices have surged worldwide. Domestic fuel prices are expected to rise again on March 31.

Experts attribute the sharp increase to limited domestic infrastructure, deregulation policies, and the absence of centralized supply.

Only one refinery continues to operate in the Philippines, which is privately owned by Petron Corp. The government also does not maintain strategic reserves or similar supply safeguards seen in neighboring Southeast Asian countries, despite authorities’ assurance of a 60-day emergency supply. While oil price deregulation is also in place among developed economies, the policy can accelerate price spikes during periods of external shocks.

 

 

GlobalPetrolPrices flags the Philippines for the world’s highest fuel surge. From the arrival of Russian crude to the “energy emergency,” here is why the pumps are hitting record highs.

 

 

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