Fuel prices seen to jump by up to P5.01 per liter
The rollback relief is ending as prices seen to surge by up at least P2.49 per liter.
Starting Tuesday, August 18, motorists in the Philippines will encounter higher fuel prices, ranging from P2.49 to P5.01 per liter, according to the Department of Energy. This increase follows two weeks of price reductions. The DOE anticipates sufficient fuel reserves lasting around 58 days, with the new adjustments in effect until August 24.
The surge in prices is attributed to ongoing geopolitical tensions and disruptions in global oil supply, primarily due to the US-Iran conflict and shipping route blockages through the Strait of Hormuz. The International Energy Agency has recently reduced its global supply forecast due to persistent Middle East disruptions. Additionally, the price hikes coincide with the expiration of a 60-day deadline under a June memorandum of understanding between the US and Iran, which failed to produce a lasting peace agreement.
Talks between the two nations remain stalled, with the Strait of Hormuz serving as a key point of contention.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
