Major oil companies are poised to implement substantial hikes in fuel prices in the coming week, following Israel's recent military strikes on Iran's military and nuclear facilities.

As one of the world's leading oil producers, Iran's geopolitical tensions are closely monitored as they directly influence global oil prices.

The anticipated price adjustments for gasoline and diesel are projected to be between ₱1.70 and ₱1.90 per liter, while kerosene is expected to see increases of ₱1.40 to ₱1.60 per liter.

These changes are set to be officially announced on Monday, with price implementations expected to take effect on Tuesday, June 17. The ongoing conflict, characterized by retaliatory actions—including Iran's firing of ballistic missiles at Israel—has intensified market fears regarding oil supplies.

Meanwhile, in the Philippines, the Department of Energy (DOE) announced that a planned increase in the biodiesel blend has been put on hold due to rising costs and limited supply of coconut oil.

Energy Undersecretary Alessandro Sales clarified that the National Biofuels Board (NBB) is currently evaluating the situation, considering factors beyond just feedstock prices, including the availability of coconut oil.

The initial increase to a four percent biodiesel blend (B4) scheduled for October 2025, and the five percent (B5) blend set for October 2026, has been suspended following consultations with stakeholders, including local farmers.

Outgoing Energy Secretary Raphael P.M. Lotilla noted that despite current market pressures, local farmers are benefiting from elevated coconut oil prices.

Industry players such as Chemrez Technologies, Inc. also reported that recent adverse weather conditions have impacted coconut supplies, prompting the NBB to recommend postponing the B4 mandate.

The ongoing situation's implications for both the fuel market and the agricultural sector continue to be monitored.