oil prices
Oil firms hike fuel prices again on April 7
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Oil companies raised fuel prices again on Tuesday, April 7, 2026, with diesel hikes up to P19.80 per liter. The increases stem from ongoing US-Iran tensions and global oil supply disruptions. This marks the 13th to 15th consecutive weekly rise.
Crude oil prices dropped below $95 per barrel on April 15, marking a second consecutive day of declines. The fall stems from optimism over potential renewed U.S.-Iran talks to address Middle East supply issues following the Strait of Hormuz closure. Donald Trump signaled that negotiations could resume soon.
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Oil companies implemented major fuel price hikes effective April 7, pushing diesel prices past P140 to P150 per liter in several areas. The increases stem from volatility in global crude markets reacting to Middle East conflict. These mark historic highs despite staggered adjustments.