Middle East Conflict Drives Oil Crisis in Philippines

The oil crisis in the Middle East is expected to persist for an extended period, according to the Department of Energy (DOE).

Energy Secretary Sharon Garin stated that it has been nearly seven months since the conflict began, and tensions continue to escalate.

Garin admitted that she does not see an end to the crisis in the near future, citing the ongoing conflicts in the Middle East as a major contributor to the price increases.

The DOE confirmed that fuel companies have implemented another round of price hikes on September 15, with diesel increasing by P4.31 per litre and gasoline rising by P5.68 per litre.

Despite the continued price increases, the DOE assured the public that the country's fuel supply remains sufficient for more than 50 days.

The department also certified the suspension of excise taxes on liquefied petroleum gas (LPG) and kerosene after the benchmark price of Dubai crude oil breached the $99.41-per-barrel level, well above the $80-per-barrel threshold set by law.