Fuel Prices to Soar as Middle East Tensions Intensify

A sharp increase in fuel prices is set to take effect on September 8 due to escalating tensions in the Middle East, according to the Department of Energy (DOE). The DOE announced a pump price adjustment, with diesel prices rising by P5.18 per liter, kerosene by P5.58 per liter, and gasoline by P4.69 per liter.

The increase is attributed to higher oil prices in the global market, which was triggered by renewed tensions between the United States and Iran. The Strait of Hormuz, a critical passageway for around 20% of the world's oil supply, has been a point of contention between the two nations.

Energy Secretary Sharon Garin said that the depreciation of the peso against the US dollar also contributed to the local price adjustments. 'Kasi binibili po natin 'yan [oil supply] sa dollars, hindi po sa Philippine peso,' she explained.