Although no double-digit increases are expected in the coming weeks, motorists will still see an uptick in pump prices starting Aug. 25, with diesel going up by P2.31 per liter, the Department of Energy (DOE) said on Monday.
Gasoline and kerosene will also have upward price adjustments of up to P1.08 and 95 centavos per liter, respectively.
‘As a result of heightened tensions between US and Iran, motorists will see increases in gasoline and diesel prices, driven by new developments in the war that have pushed up global prices.
In the past week, prospects for a diplomatic resolution to the US-Iran conflict and the normalization of navigation through the Strait of Hormuz have weakened,’ Energy Secretary Sharon Garin told reporters.
‘This is the difficulty with the Philippines’ longtime dependence on imported fuel,’ Garin said. For Energy Undersecretary Alessandro Sales, the global oil market will see significant movements in prices if bombing attacks hit ports or pipelines in the region, since these would directly affect the supply.
‘But as of now, the probability of a double-digit increase in the coming weeks is low,’ Sales added. The DOE said the country’s fuel inventory is enough for 47.22 days.