Philippines Fuel Prices Set to Rise on Global Market Volatility, Middle East Tensions

MANILA, Philippines — Diesel and kerosene prices are expected to rise by more than P2 per liter this week, while gasoline prices may either increase or decrease by P1 per liter, the Department of Energy (DOE) said Monday, July 13. The DOE said fuel prices for the coming week remain affected by movements in the global oil market as the conflict in the Middle East continues. The following pump price adjustments are expected to take effect from Tuesday, July 14, to Monday, July 20: This will be the last week that the DOE will announce fuel price adjustments in ranges, as the agency said specific price adjustments will be posted starting next week. "Change tayo kasi we saw that with the agreement, kakalma na ang presyo," Energy Secretary Sharon Garin said. ("We are changing because we saw that with the agreement, prices will calm down.") Garin said announcing specific price adjustments would make it easier for the DOE to monitor local pump prices, as the country remains under a national state of energy emergency. "It's better for the protection of consumers and for monitoring ng gobyerno," Garin said. ("It's better for the protection of consumers and for government monitoring.") Potential slight increase. Garin also warned the public of a potential slight pump price increase in the following weeks, citing "growing tensions" in the Middle East that threatened safe passage in the Strait of Hormuz. "Umaakyat na naman 'yung presyo on international crude oil prices and consequently affected po tayo, in domestic pump prices natin. So expect a slight increase on our prices," Garin said. ("International crude oil prices are rising again, and consequently, our domestic pump prices are affected. So expect a slight increase in our prices.") Information source: Philstar Business