Manila: Oil firms have announced an increase of up to PHP6.80 per liter this week amid sustained supply issue concerns following the latest development in the Strait of Hormuz.

According to Philippines News Agency, Jetti Petroleum has advised that it will raise diesel and gasoline prices by PHP5 per liter effective 6 a.m. on Tuesday. By 6 a.m. on Wednesday, the company will again hike prices by PHP2.30 per liter for diesel and PHP1.80 per liter for gasoline.

Seaoil is set to increase gasoline prices by PHP6.80 per liter starting at 6 a.m. on Tuesday, along with a PHP7.30 per liter hike for diesel, and PHP4.20 per liter for kerosene. Petron will implement similar changes simultaneously, including a PHP4.20 per liter increase in kerosene.

Jetti Petroleum President Leo Bellas, in an earlier statement to journalists, attributed the rise in fuel prices to supply disruptions linked to the ongoing conflicts involving Iran and Ukraine. These events have tightened the prompt oil supply availability, causing prices to rise this week.

President Ferdinand R. Marcos Jr., in his fifth State of the Nation Address (SONA) on Monday, highlighted that improved relations with nations such as Japan, South Korea, Oman, India, and Russia have bolstered the Philippines' fuel supply amidst concerns following the US-Iran conflict earlier this year. Measures taken have ensured the country's fuel supply is adequate for nearly two months.

The Philippine National Oil Company (PNOC) has been tasked with procuring oil supply for the nation, following Malaca±ang's declaration of a state of national energy emergency on March 24, 2026.