Fuel prices to surge Sept. 8 as Middle East tensions intensify
Fuel prices rise by as much as P5.58 per liter Tuesday
Starting Tuesday, September 8, Philippines will experience a significant increase in fuel prices due to heightened tensions in the Middle East, according to the Department of Energy (DOE). Energy Secretary Sharon Garin revealed the pump price adjustments during a press briefing on Monday, September 7. The local price hike is attributed to rising oil prices in the global market, following renewed tensions between the United States and Iran.
Both nations have been engaging in attacks and expressing concerns over potential disruptions to oil flows through the Strait of Hormuz. Additionally, a Saudi-flagged crude oil tanker was attacked near the Strait of Hormuz, resulting in the deaths of two Filipino seafarers. The Strait of Hormuz is a crucial passage for approximately 20% of the world's oil supply.
Garin also noted that the depreciation of the peso against the US dollar contributed to the local price increases, as the Philippines purchases oil in dollars rather than Philippine pesos.
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.
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