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Fuel Prices Surge Again in Philippines, Impacting Households
Fuel prices in the Philippines saw another significant hike on September 15, with gasoline, diesel, and kerosene increasing by up to P5.68 per liter. The Department of Energy noted that Dubai oil prices may have surpassed the threshold for a potential suspension of fuel excise taxes. This recurring price increase is further straining household budgets.
Local fuel retailers in the Philippines have again raised prices, with gasoline increasing by P5.68 per liter, diesel by P4.31, and kerosene by P4.62 on September 15. These recurring price hikes are directly impacting the daily lives of citizens. Energy Secretary Sharon Garin stated that Dubai oil prices have surpassed the threshold that could trigger a suspension of fuel excise taxes. This suggests that the government may consider measures to mitigate the effects of rising fuel costs. The Philippine economy is highly susceptible to fluctuations in global crude oil prices. For many Filipinos, gasoline and diesel are essential for transportation and logistics, making price changes a significant burden on household budgets. Given the country's high dependence on imported crude oil, global geopolitical instability consistently poses economic risks and casts a shadow over the lives of its citizens. This latest price increase presents further challenges for the Philippine economy, which is already grappling with inflationary pressures. The public's attention is now focused on the government's potential response. Source: Inquirer Business
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Inquirer Business