Fuel Prices Soar by More Than P5 as War Tensions Rise
The Department of Energy (DoE) announced that fuel prices will increase by more than P5 per liter due to higher international oil prices and a weaker peso. Gasoline prices will rise by P4.69 per liter, diesel by P5.18, and kerosene by P5.58 starting on Tuesday.
This will push pump prices back to around P100 per liter, with gasoline reaching more than P102.04 per liter, diesel P102.68, and kerosene nearly P120. Energy Secretary Sharon S. Garin said that the increase is driven by higher international oil prices following renewed tensions affecting energy flows through the Middle East.
The peso's weakness against the dollar has also contributed to the increase. According to Rino E. Abad, director of the DoE Oil Industry Management Bureau, the peso has weakened by around 68 centavos.
The Philippines cannot control geopolitical events or global oil prices but can cushion their impact by maintaining adequate fuel supplies. As of September 4, the country had about 78.08 million liters of fuel in stock, enough for 53.28 days.