Diesel prices surge by P8.82 per liter in third major September hike

MANILA, Philippines — Local pump prices are set to jump by as much as P8.82 per liter this week, marking the third straight major increase in September. According to the Department of Energy (DOE), the following price hikes will take effect starting Tuesday, September 22: With Tuesday's adjustments, diesel prices will have risen by P18.31 per liter over three weeks, kerosene by P16.67 and gasoline by P15.25. Last week, DOE Oil Industry Management Bureau Director Rino Abad said local fuel prices could remain elevated for several weeks following damage to Saudi Arabia's East-West Pipeline, or Petroline, from a drone attack. The escalating conflict in the Middle East remains a key factor driving global oil prices, according to the agency. On September 15, Energy Secretary Sharon Garin announced that the DOE had formally certified that the one-month average price of Dubai crude had breached the $80-per-barrel threshold required for the government to consider suspending or reducing excise taxes on petroleum products. The DOE transmitted the certification to the Development Budget Coordination Committee for consideration.