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Philippines Braces for Another Major Fuel Price Hike Next Week Amid Oil Surge and Geopolitical Risks
The Philippines is bracing for another significant increase in fuel prices next week. Global oil price surges, coupled with geopolitical tensions in the Strait of Hormuz and Bab el-Mandeb Strait, are contributing to supply concerns and rising transportation costs.
Motorists in the Philippines should brace for another round of big-time hike in pump prices to be implemented in the coming week. Citing estimates based on Mean of Platts Singapore and foreign exchange averages in the past four days, an oil industry source said the following are the expected price adjustments: “World oil prices have rebounded significantly due to concerns of further disruption to oil supply as the Strait of Hormuz remains largely closed to vessel traffic, and growing security risks in the Bab el-Mandeb Strait expanded the conflict and raised the threat to global energy supplies and trade beyond the Persian Gulf,” the source said. Fuel firms announce pump price adjustments every Monday, to be implemented on the following day. This week, effective July 21, oil companies hiked pump prices by P3.50 to P3.65 per liter for gasoline, P10 to P10.68 per liter for diesel, and P11.60 to P11.77 per liter for kerosene. The latest price adjustments, the 29th movement for the year, resulted in a total net increase of P49.92 per liter for gasoline, P50.43 per liter for diesel, and P48.39 per liter for kerosene. —VAL, GMA News
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GMA Money Philippines