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🇵🇭 Philippines /Energy & Infrastructure

Fuel Prices to Surge on Sept. 8 as Middle East Tensions Intensify

From PhilStar · () English

Translated from English and summarized by DistantNews. Read the original for the full story.

At a glance

News Official statement New plan
  • Philippine fuel prices will increase on Sept. 8, with kerosene rising by 5.58 pesos, diesel by 5.18 pesos and gasoline by 4.69 pesos per liter.
  • The Department of Energy attributed the increases to higher global oil prices after renewed tensions between the United States and Iran.
  • The peso’s depreciation against the U.S. dollar also contributed to the higher local pump prices.

Motorists in the Philippines face a sharp fuel price increase on Tuesday, Sept. 8. Kerosene will rise by 5.58 pesos per liter, diesel by 5.18 pesos and gasoline by 4.69 pesos, according to adjustments announced by the Department of Energy on Monday.

Energy Secretary Sharon Garin said the increases reflected higher oil prices in global markets. The change followed renewed tensions between the United States and Iran, after the two sides exchanged attacks last week and raised concerns about possible 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, killing two Filipino seafarers. The waterway carries around 20% of the world’s oil supply, making any threat to shipping there a concern for global energy markets.

Garin said the weaker peso added to the pressure on prices in the Philippines. “Because we buy that oil supply in dollars, not in Philippine pesos,” she said at a press briefing.

Because we buy that oil supply in dollars, not in Philippine pesos.

· Sharon GarinThe Philippine energy secretary explained how the peso’s depreciation affected local fuel prices.
About this summary

Originally published by PhilStar in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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