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Philippines Faces Fuel Price Hike Amid Renewed West Asia Tensions
The Philippines will see significant fuel price increases starting July 21 due to escalating tensions in West Asia. The Department of Energy cited ongoing Iran-Israel-US conflicts impacting the global oil market, raising concerns about the burden on consumers.
MANILA, Philippines — Hopes that pump prices would return to pre-conflict levels were dashed after the Department of Energy announced a major fuel price hike effective Tuesday, July 21, amid renewed tensions in West Asia. The DOE announced the following price adjustments on Monday, July 20: * Gasoline (Unleaded): P3.00 per liter increase * Diesel: P2.50 per liter increase * Kerosene: P2.30 per liter increase The adjustments are effective from July 21 to 27. Energy Secretary Sharon Garin said the increase was still driven by uncertainty from tensions involving Iran, Israel and the United States, which have continued to affect the global oil market. "I know this is not the news anyone is hoping for, but we cannot change the direction of the global market," Garin said in a press briefing.
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Philstar Business