Geopolitical tensions drive fuel prices higher
MANILA, Philippines — Motorists should brace for yet another domestic pump price hike next week amid heightened tensions abroad.
After four trading days, local industry sources estimated a potential upward adjustment of P1.40 to P1.60 per liter for gasoline and P0.50 to P0.70 per liter for diesel.
Kerosene prices may go up by around P0.25 per liter, with further increases likely once oil firms’ operating costs and other premiums are factored in.
“The strongest factor helping oil prices to move in an upward direction is the geopolitical tensions, particularly in Iran,” said Rodela Romero, assistant director at the Department of Energy.
She noted that the threat of supply disruptions through the Strait of Hormuz, a key global trade route, and lingering uncertainty over Iran’s nuclear talks have pushed a risk premium into prices.
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