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Fuel Prices Soar Amid Inflation and Global Tensions

3/11/2026

37 5 Full Breakdown

Summary

Story summary

Fuel prices in the Philippines are set to rise by mid-March 2026, with diesel above 80 pesos per liter.
Kerosene is expected near 125 pesos per liter as local inflation sits at 6%.
Central Visayas records the Philippines' highest inflation, affecting food and housing costs.
In Nigeria, petrol reaches 1,175 naira and diesel 1,620 naira.
Experts warn the ongoing Middle East conflict could further strain both economies.

History

Historical Context

The 1973 oil crisis began when the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed an embargo in response to U.S. support for Israel during the Yom Kippur War. This led to a 400% increase in oil prices, severely impacting economies worldwide. The crisis highlighted the West's dependence on Middle Eastern oil and initiated long-term shifts towards energy conservation and alternative energy sources.

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Story summary

Fuel prices in the Philippines are set to rise by mid-March 2026, with diesel above 80 pesos per liter.
Kerosene is expected near 125 pesos per liter as local inflation sits at 6%.
Central Visayas records the Philippines' highest inflation, affecting food and housing costs.
In Nigeria, petrol reaches 1,175 naira and diesel 1,620 naira.
Experts warn the ongoing Middle East conflict could further strain both economies.

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