Brent oil in pesos: September 2026 was the most expensive month on record — and what reached pump prices
A barrel of Brent averaged ₱7,314 in September 2026, the highest of 321 months since 2000 and above the 2008 and 2022 peaks in pesos. How the weaker peso added to the rise, what the 2008 peak looks like after inflation, and how much has reached Manila pump prices and CPI.
Oil prices made headlines this year in dollars, but Filipinos pay in pesos. Measured that way, September 2026 was the most expensive month for a barrel of Brent crude since at least 2000, more expensive than the 2008 spike or the 2022 surge after Russia invaded Ukraine.
How much does a barrel of Brent cost in pesos now?
About ₱7,314, as a September 2026 monthly average. That is the World Bank Brent average of US$116.8 a barrel multiplied by the month’s average exchange rate of ₱62.62 per dollar (BIS).
Brent crude, September 2026 monthly average converted to pesos. About ₱46.01 per litre of crude (one barrel = 158.987 litres). CapsWindow calculation from World Bank Pink Sheet monthly Brent × monthly average USD/PHP.
The price rose after fighting between the United States and Iran began on 28 February 2026 and Middle East production was disrupted. In September, attacks on Saudi Arabia’s East-West pipeline pushed daily Brent spot as high as US$131 on 15 September, according to the US EIA.
Where does September 2026 rank?
First of 321 months since January 2000, in pesos. In US dollars the same month ranks only 10th of 801 months since 1960.
Where does September 2026 rank?
Brent in pesos (per barrel)
Shared linear scale from zero. Selected entries from the table below. Its dates, units, definitions and limitations still apply.
| Rank in pesos | Month | Brent in pesos (per barrel) |
|---|---|---|
| 1 | September 2026 | ₱7,314.19 |
| 2 | April 2026 | ₱7,262.18 |
| 3 | May 2026 | ₱6,598.47 |
| 4 | June 2022 | ₱6,452.00 |
| 5 | March 2026 | ₱6,179.58 |
| — | July 2008 (the dollar peak) | ₱6,002.45 |
Four of the five most expensive peso months fall in 2026. July 2008, the highest month in dollars at US$133.9, does not make the peso top five: the peso was then around ₱44.8 per dollar (calculated from the two figures), so the same barrel cost fewer pesos. All values are CapsWindow calculations.
How much did the weaker peso add?
About 12 percentage points on top of the dollar rise. From December 2025 to September 2026 Brent rose 86.3% in dollars and 98.1% in pesos, as the peso weakened 6.35% against the dollar over the same months.
| Month | Brent (US$) | USD/PHP (monthly average) | Brent in pesos |
|---|---|---|---|
| December 2025 | 62.7 | 58.88 | ₱3,691.83 |
| February 2026 | 71.1 | 58.18 | ₱4,136.48 |
| March 2026 | 103.7 | 59.59 | ₱6,179.58 |
| April 2026 | 120.4 | 60.32 | ₱7,262.18 |
| June 2026 | 85.4 | 61.18 | ₱5,224.38 |
| August 2026 | 90.9 | 61.45 | ₱5,585.36 |
| September 2026 | 116.8 | 62.62 | ₱7,314.19 |
In April Brent was higher in dollars than in September (US$120.4 against US$116.8), yet September is higher in pesos because the peso had weakened from about ₱60.3 to ₱62.6. For an oil-importing economy that pays in dollars, a weaker currency amplifies an oil shock rather than cushioning it.
What about after inflation?
July 2008 is still the peak. Adjusted with the Philippine consumer price index to July 2026, the July 2008 average comes to about ₱10,911 a barrel, and June 2022 to about ₱7,614. Prices in the CPI basket rose about 1.82 times between July 2008 and July 2026.
| Month | Nominal (pesos) | In July 2026 prices (approx.) |
|---|---|---|
| July 2008 | ₱6,002.45 | ₱10,910.62 |
| June 2022 | ₱6,452.00 | ₱7,614.37 |
| September 2026 | ₱7,314.19 | ₱7,314.19 (not adjusted) |
On this basis September 2026 ranks 43rd of 319 months. September 2026 CPI is not yet in this site’s data, so the latest available index (July 2026) is applied as-is; the real ranking is approximate.
How much has reached pump prices and inflation?
A lot, because the Philippines passes oil costs through quickly. The downstream oil industry is deregulated: oil companies adjust pump prices every Tuesday and the Department of Energy announces and monitors the changes. The DOE’s Oil Monitor counted the week of 6 October as the 40th price movement of the year.
| Item | Latest figure | Period |
|---|---|---|
| RON 95, Metro Manila range | ₱79.60–₱99.98 per litre | 6–12 October 2026 |
| RON 95, Manila common price | ₱86.60 per litre | 6–12 October 2026 |
| Diesel, Manila common price | ₱93.50 per litre | 6–12 October 2026 |
| Adjustment from 13 October | gasoline +₱1.56, diesel −₱3.01 | Philstar report |
| Headline inflation | 7.2% (August 6.1%) | September 2026 |
| Transport prices | +14.6% (August 13.5%) | September 2026 |
| Housing, water, electricity, gas | +8.4% | September 2026 |
Pump prices are from the DOE NCR price monitor; the 13 October adjustment is as reported by Philstar; inflation is from the PSA. The crude cost of about ₱46 per litre is a little over half the Manila common price for RON 95 (calculated), though the two figures cover different products and weeks.
On taxes, Republic Act 12316, signed on 25 March 2026, lets the President suspend or reduce fuel excise taxes for up to three months at a time when Dubai crude averages US$80 or more for the preceding month. Executive Order 125 of 25 September suspended the excise tax on LPG and kerosene; GMA News reported that gasoline and diesel were not included.
Compare the peso with another commodity — the gold calculator shows what a peso amount buys in gold at different dates, one more yardstick next to oil and prices.
What are the limits of these numbers?
The rankings use monthly averages, so a single day can be far higher or lower. The type of Brent price also matters a great deal this year.
Monthly averages smooth daily swings: EIA's daily Brent spot price averaged about US$126.98 from 1 to 14 October and closed at US$126.55 on 14 October, well above September's average. Physical and futures prices have split: the EIA puts September's Brent spot average at US$114 but the front-month futures average at US$102.02, a sign of tight physical supply. The World Bank figure of US$116.8 used here is a third measure. Crude is only part of the pump price, alongside refining margins, freight, taxes and retail costs. The EIA's October outlook forecasts Brent at US$105 in the fourth quarter of 2026, US$96 for 2026 as a whole and US$84 in 2027; that is the EIA's forecast, not ours, and this note does not predict prices.
Questions & answers
Why is oil at a record in pesos but not in dollars?
Because the peso is much weaker than it was in 2008. Brent averaged US$133.9 in July 2008 and US$116.8 in September 2026, but the peso averaged about ₱62.62 per dollar in September 2026, so the peso price is higher now. In dollars September 2026 ranks 10th of 801 months; in pesos it ranks first of 321.
Is oil more expensive now than in 2008 after inflation?
No. Adjusted with Philippine CPI to July 2026, the July 2008 average is about ₱10,911 a barrel, well above September 2026's ₱7,314. June 2022 is also slightly higher in real terms, at about ₱7,614. September 2026 CPI is not yet in the data, so these comparisons are approximate.
How much of the pump price is crude oil?
A litre of crude cost about ₱46 at September's average price, against a Manila common price of ₱86.60 for RON 95 in early October. The rest covers refining, shipping, taxes, distribution and margins, and the two figures refer to different products and weeks, so this is only a rough comparison.
Has the government cut fuel taxes?
RA 12316, signed on 25 March 2026, lets the President suspend or reduce fuel excise taxes when Dubai crude averages US$80 or more for a month. Executive Order 125 used it for LPG and kerosene in September; GMA News reported that gasoline and diesel were not included.
Source
- World Bank - Commodity Price Data (Pink Sheet), monthly prices ↗
- BIS - Bilateral exchange rates ↗
- CapsWindow - Data & methodology ↗
- US EIA - Europe Brent spot price FOB (daily) ↗
- US EIA - Short-Term Energy Outlook, October 2026 ↗
- Department of Energy - NCR retail pump prices ↗
- Department of Energy - Liquid fuels and LPG price adjustments, 6-13 October 2026 ↗
- Department of Energy - Oil Monitor, 6 October 2026 ↗
- Philstar - Oil price tracker, 13-19 October 2026 ↗
- PSA - Summary inflation report, September 2026 ↗
- Lawphil - Republic Act No. 12316 (25 March 2026) ↗
- GMA News - Marcos suspends excise tax on LPG, kerosene (25 September 2026) ↗