Diesel price hike of up to P10.50/L, gasoline P4.50/L seen next week
Fuel prices in the Philippines are expected to rise significantly next week due to geopolitical tensions in the Middle East and supply disruptions. The government has announced an expanded financial assistance program to help millions of households cope with these costs.
Why it matters
Rising fuel costs directly impact inflation and the cost of living for vulnerable populations, necessitating government intervention.
<p>Major pump price hikes are expected next week, P10.50 per liter increase in diesel and P4.50 in gasoline amid renewed tensions in the Middle East, according to an oil industry source.</p><p>Below are the estimated fuel price adjustments next week based on this week's MOPS and forex averages:</p><ul> <li>Diesel +9.50 to +10.50</li> <li>Gasoline +3.50 to +4.50</li></ul><p>"World oil prices are mainly supported by an elevated geopolitical risk premium, which rebuilt after Iranian attacks on commercial ships attempting to transit the Strait of Hormuz outside the Iranian-approved route, and the retaliatory strikes by the US on Iranian military assets," the oil industry source said.
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