Fuel Price Hike Looms as Oil Supply Disruptions Intensify

Motorists in the Philippines are bracing for another round of hefty fuel price increases, with forecasts suggesting that pump prices could surge by up to P6.50 per liter next week.

The projection is based on the four-day average movement of the foreign exchange rate and the Mean of Platts Singapore, a key benchmark for refined petroleum products across Asia-Pacific markets.

According to Jetti Petroleum president Leo Bellas, diesel prices are expected to rise by P6 to P6.50 per liter, while gasoline prices could increase by P5.50 to P6 per liter on July 28.

Bellas attributed the sharp rise in world oil prices to concerns over supply disruptions following the closure of the Strait of Hormuz, a key shipping route that typically carries around 20 percent of global oil and gas supplies.