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Philippines Braces for Up to P5/Liter Oil Price Hike on Sept. 15
Local fuel prices in the Philippines are expected to increase by up to P5 per liter starting September 15. Escalating Middle East tensions are driving up crude oil costs, raising concerns about the impact on household budgets.
MANILA, Philippines — Local fuel products may become more expensive by as much as P5 per liter beginning September 15, as the war between the United States and Iran drags on. According to estimates from Jetti Petroleum president Leo Bellas, diesel prices may increase by P2 to P2.50 per liter. Gasoline prices may have bigger price jumps, reaching P4.50 to P5 per liter. “Oil prices have rallied as the intensifying conflict in the Middle East tied to the US-Israel war with Iran heightened concerns about oil flows from the region,” he said. Asian gasoline, in particular, saw significant upward price adjustments due to strong demand despite issues on supply, Bellas added. His estimates were based on the first four days of trading at the Mean of Platts Singapore (MOPS), and foreign exchange movements. MOPS is the basis for the pricing of refined petroleum products in Southeast Asia. Oil companies will announce the final price adjustments on Monday. /pai
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