Fuel prices to surge Sept. 8 as Middle East tensions intensify
MANILA, Philippines — A big-time oil price hike is set to take effect starting Tuesday, September 8, due to intensified tensions in the Middle East.
The Department of Energy (DOE) announced the following pump price adjustments on Monday, September 7:
- Diesel - up by P5.18 per liter
- Kerosene - up by P5.58 per liter
- Gasoline - up by P4.69 per liter
Energy Secretary Sharon Garin said at a press briefing that the local price adjustments were driven by higher oil prices in the global market.
This came following renewed tensions between the United States and Iran last week, with both sides exchanging attacks and raising concerns over disruptions to oil flows through the Strait of Hormuz.
A Saudi-flagged crude oil tanker was also hit by unidentified projectiles while approaching the Strait of Hormuz, killing two Filipino seafarers.
The Strait of Hormuz is a critical passageway for around 20% of the world's oil supply.
Garin added that the depreciation of the peso against the US dollar also affected local pump prices.
"Kasi binibili po natin 'yan [oil supply] sa dollars, hindi po sa Philippine peso," the official said.
(Because we buy that [oil supply] in dollars, not in Philippine pesos.)
- Latest
- Trending
