DOE: More Diesel Shipments Arriving as Fuel Prices Climb

The Philippines is set to receive an additional 500,000 barrels of diesel in the coming days as part of government efforts to strengthen fuel reserves amid ongoing volatility in the global oil market.

Energy Secretary Sharon Garin said another batch of the same volume is also being negotiated this week, with deliveries expected to arrive within one to two weeks once contracts are finalized. Despite the influx, she noted that the added supply would only extend the country’s buffer by about five days, given the estimated daily consumption of 200,000 barrels of diesel.

Even so, Garin assured the public that overall fuel stocks—including shipments currently in transit—remain sufficient to last until the first week of May, adding that there is still no indication of an imminent fuel crisis.

On the pricing side, motorists are bracing for another round of increases as Jetti Petroleum prepares to implement a ₱18 per liter hike in diesel and ₱8 per liter in gasoline. With similar adjustments expected from other players, diesel prices could climb to around ₱130 per liter, while gasoline may approach the ₱100 mark.

The DOE has yet to release a unified advisory covering all oil firms for the week’s price movements.

Global crude prices continue to fuel the pressure, with Dubai benchmark oil surpassing $134 per barrel after recently hitting a historic peak of $166.80. The spike has been driven by escalating tensions in the Middle East, which have disrupted key energy routes and infrastructure.

Garin acknowledged that Philippine fuel prices tend to rise faster than in neighboring countries, pointing to the country’s limited refining capacity and lack of government fuel subsidies. “We only have one refinery, and unlike others, we don’t subsidize fuel due to the Oil Deregulation Law,” she said.

Around 98 percent of the country’s crude supply still comes from the Middle East, underscoring its vulnerability to global shocks.

In the Senate, Erwin Tulfo is pushing a measure that would require oil companies to disclose full cost breakdowns, aiming to prevent what he described as opportunistic price increases during crises.

Meanwhile, Cebu-based fuel retailer Top Line Business Development Corp. said it does not see any immediate risk of supply shortages, citing ongoing efforts to diversify import sources.