Higher oil prices were a major driver of inflation in March 2026.
Inflation, which measures the movement in prices of goods and services, jumped to 4.1% from 2.4% in February.
In a press conference, National Statistician Undersecretary Dennis Mapa said diesel had the highest contribution to inflation at 59.5%, followed by gasoline at 27.3% for March.
This is the highest inflation contribution for diesel and gasoline since September 2022 — during the Russia-Ukraine war — when the figures stood at 74.2% and 27.7%, respectively.
When asked whether diesel and gasoline inflation figures would rise in the coming months, Mapa said: “I hope not. Mahaba ‘yung months noong 2022…. Definitely we’re seeing higher numbers itong April because we had a series of price increases during the first week, and we’re not seeing any development that it might go down.”
Oil prices have surged since March as the conflict involving the United States, Israel, and Iran intensified.
For March, the highest recorded price of oil amid the Middle East conflict reached $119 per barrel.
In the second week of April 2026, Brent crude futures stood at $110.19 a barrel, while U.S. West Texas Intermediate crude futures climbed to $113.31 a barrel.
