Fuel prices seen to jump by up to P5.01 per liter
MANILA, Philippines — Motorists will face higher pump prices starting Tuesday, August 18, with fuel products rising by P2.49 to P5.01 per liter after two consecutive weeks of rollbacks.
The Department of Energy announced the following price adjustments on Monday:
- Gasoline: up P2.49 per liter
- Diesel: up P3.84 per liter
- Kerosene: up P5.01 per liter
The higher prices will be in effect from August 18 to 24. The DOE said the country still has around 58 days' worth of fuel supply.
The increases follow a major rollback last week, when gasoline prices fell by P4.70 per liter, diesel by P4.30 and kerosene by P4.90.
The DOE attributed the latest adjustments to movements in the global oil market, where supply remains under pressure from geopolitical tensions and disruptions to major shipping routes.
Global oil supply has remained tight amid the continuing US-Iran conflict and restricted traffic through the Strait of Hormuz, a key route for global energy shipments. The International Energy Agency recently cut its global supply forecast as disruptions in the Middle East persisted.
The latest price hike also comes as a 60-day deadline set under a June memorandum of understanding between the United States and Iran passed Monday without a final peace agreement.
The interim agreement had sought to end hostilities and pave the way for a broader deal, but it unraveled within weeks as both sides accused each other of violations. Talks remain stalled, with disagreements over the Strait of Hormuz among the major sticking points.
- Latest
- Trending
