A crisis like no other?

Arab Spring

Covid-19

Russia invades Ukraine

U.S.-Israel attack Iran

Started Jan. 2011

Started Feb. 2020

Feb. 22, 2022

Feb. 28, 2026

+40%

+35%

+20%

Diesel

Gasoline

Increase

Decrease

-20%

Jan.

2011

Feb.

March

Jan.

2020

Feb.

March

Jan.

2022

Feb.

March

Jan.

2026

Feb.

March

Arab Spring

Covid-19

Russia invades Ukraine

U.S.-Israel attack Iran

Started Jan. 2011

Started Feb. 2020

Feb. 22, 2022

Feb. 28, 2026

+40%

+35%

+20%

Diesel

Gasoline

Increase

Decrease

-20%

Jan.

2011

Feb.

March

Jan.

2020

Feb.

March

Jan.

2022

Feb.

March

Jan.

2026

Feb.

March

Arab Spring

Started Jan. 2011

+40%

+20%

Diesel

Increase

Gasoline

Decrease

-20%

Jan.

2011

Feb.

March

Covid-19

Started Feb. 2020

+40%

+20%

-20%

Jan.

2020

Feb.

March

Russia invades Ukraine

Feb. 22, 2022

+40%

+20%

-20%

Jan.

2022

Feb.

March

U.S.-Israel attack Iran

Feb. 28, 2026

+40%

+35%

+20%

-20%

Jan.

2026

Feb.

March

Note: Data for 2026 as of March 23.
Source: Data Dictionary analysis of Energy department data

Philippine officials have refused to call the current surge in the country's oil prices a "crisis." The data says otherwise.

At least in the capital region, Metro Manila, the average monthly price of diesel has soared an 35% since the start of the year, while that of gasoline (unleaded) rose 20% in the same period.

What's more, the increases were faster than those recorded in previous years when an oil price shock occurred, particularly due to events that started during the first three months of each year.

For instance, Russia's attack on Ukraine on Feb. 22, 2022 caused monthly average diesel and gasoline prices in Metro Manila to rise by 28% and 7%, respectively.

Average pump prices also went up much slower during the start of the Arab Spring protests that engulfed the oil-rich Middle East region in 2011. Meanwhile, declines below 20% were recorded during the first three months of 2020 when the Covid-19 pandemic started.