The situation, in brief
The Philippines has recorded the highest increase in diesel prices globally, with costs rising by 81.6% since the start of the Iran war, according to data from Global Petrol Prices. The surge places the country at the top of a global list of fuel price increases, highlighting the severity of the…
The Philippines has recorded the highest increase in diesel prices globally, with costs rising by 81.6% since the start of the Iran war, according to data from Global Petrol Prices.
The surge places the country at the top of a global list of fuel price increases, highlighting the severity of the impact on a heavily import-dependent economy exposed to disruptions in Middle East supply.
Data show that the Philippines leads all countries in diesel price increases, followed by Cambodia (78.7%), Nigeria (78.3%), Myanmar (76.9%), and Laos (72.4%), with Lebanon (58.8%), Malaysia (57.9%), Puerto Rico (53.3%), Guatemala (52.2%), and Australia (52.1%).
The sharp rise in domestic fuel costs follows escalating tensions in the Middle East that have disrupted flows through the Strait of Hormuz, a critical corridor for global oil shipments.
Global benchmarks have risen significantly since late February, with Brent crude climbing from around $71 per barrel to above $100 in recent weeks, driving up retail fuel prices worldwide.
The impact has been more pronounced in countries with liberalized fuel markets such as the Philippines, where price adjustments are passed on more quickly to consumers compared to regulated markets.
Diesel, a key input for transport, logistics, and agriculture, has seen steeper increases than gasoline globally, amplifying the effect on supply chains and the cost of basic goods.
In the Philippines, the spike has coincided with reports of hundreds of gas stations temporarily shutting down, reflecting operational strain as retailers grapple with rising costs and supply pressures.
Authorities have intensified monitoring of fuel supply and pricing amid concerns over hoarding and overpricing, while coordinating with industry players to ensure continued availability of petroleum products.
With the conflict ongoing and no immediate resolution in sight, the sustained rise in diesel prices is expected to continue feeding into inflation and placing additional pressure on households and businesses.
