Pump prices jump by over P5 amid renewed Middle East war, peso weakness
Fuel prices in the Philippines are set to rise significantly due to geopolitical tensions in the Middle East and the weakening of the peso against the dollar. The Department of Energy is monitoring the situation and exploring strategies to maintain fuel supply stability.
Why it matters
Rising fuel costs directly impact inflation and the cost of living for consumers, highlighting the vulnerability of import-dependent economies to global geopolitical shifts.
MOTORISTS will face fuel price increases of more than P5 per liter this week as higher international oil prices due to the Iran war and a weaker peso raise the cost of petroleum imports.
The Department of Energy (DoE) on Monday said gasoline prices would rise by P4.69 per liter, diesel by P5.18 and kerosene by P5.58 starting on Tuesday.
The increases will push pump prices back to around P100 per liter, with gasoline reaching more than P102.04 per liter, diesel P102.68 and kerosene nearly P120.
“Beginning tomorrow, oil companies will implement upward adjustments in domestic petroleum prices, driven largely by higher international oil prices following renewed tensions affecting energy flows through the Middle East,” Energy Secretary Sharon S. Garin told a news briefing on Monday.
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