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Philippines Fuel Prices Surge Again Amid Middle East Tensions, Weakening Peso
Fuel prices in the Philippines are set to increase by several pesos per liter due to escalating Middle East tensions and a weakening peso. This rise is expected to further burden household budgets and logistics costs.
MANILA, Philippines — Motorists will have to shell out more for fuel products as oil firms plan to raise prices by about P5 per liter starting Tuesday. In a media briefing, the Department of Energy (DOE) said local fuel retailers can impose price hikes of as much as P4.69 per liter for gasoline. Diesel prices will also jump by up to P5.18 per liter. Kerosene will have the biggest increase, reaching P5.58 per liter. DOE officials stated that renewed attacks in the Middle East and the local currency’s weakening against the US dollar are causing the price increases.
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