PH no longer Southeast Asia’s worst in oil price hikes, but pain persists
MANILA, Philippines — As of March 30, the Philippines was no longer Southeast Asia’s most extreme case of fuel price increases, but domestic economic pressures tied to the crisis remain significant, according to an INQUIRER data scientist.
Dr. Alicor Panao, an associate professor at the University of the Philippines, said diesel prices in the Philippines have risen by 111%, placing the country slightly below Myanmar at 119.9% and Laos at 117.5%.
Gasoline prices have spiked by 71.6%, still among the highest in the region, next to Myanmar at 100%, he said.
That relative improvement, however, does not obscure what is happening domestically.
As of April 7, in the latest round of oil price hikes, diesel sold at P172.90 per liter, gasoline at P119.90, and kerosene at P178.29.
READ: OIL PRICE WATCH as of April 8, 2026
On April 6, the price change in diesel hit 128%, placing the Philippines behind Laos, which registered 169.50%; Vietnam, 141.80%; and Myanmar, 128.50%.
The price change in gasoline was 68.70%, making the Philippines second behind Myanmar at 93.90%.
Panao said global oil price increases are immediately “reflected in local prices at the oil stations” in the Philippines.
He said this happens because of limited government cushioning through subsidies or stockpiles.
The Philippines is also one of the region’s most oil-dependent economies, relying heavily on imported fuel.
Total oil import volume fell to 2.35 million metric tons (MT) from about 2.46 million MT last year as the Middle East conflict constrained a key waterway for global energy supply.
READ: Philippine fuel imports fell 4% in March
Panao said diesel is especially important because it powers the country’s workhorse economy.
“Diesel runs buses, jeepneys, delivery trucks, and cargo ships,” he said. “When diesel becomes more expensive, transport operators raise fares, and companies that deliver food and products increase prices to cover higher costs.”
“This is why diesel price spikes are felt quickly in everyday expenses,” he said.
READ: Philippine March inflation soars to 4.1% on oil price shocks from Middle East war
Inflation surged to 4.1% in March from 2.4% in February as the Middle East war triggered oil price shocks and peso depreciation.
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“The Philippines is also more vulnerable because it needs US dollars to pay for imports like oil, but it often spends more dollars than it earns from exports, a gap economists refer to as a current account deficit,” he said.
A migrant-sending country like the Philippines fills this gap through dollar remittances and foreign investments. When oil prices rise, however, it needs even more dollars, and if these are not enough, the peso weakens, making fuel and other imports even more expensive.
READ: Peso rallies to strongest level in almost a month on US-Iran truce
The Philippine peso rose to 59 per dollar on Wednesday, April 8, but earlier sank to a new record low of 60.748 per dollar. /dm /atm
