Middle East Conflict Drives Up Fuel Prices in the Philippines
Fuel prices in the Philippines are expected to rise further due to the escalating conflict in the Middle East, which is putting pressure on global oil markets. The Department of Energy (DoE) has announced an increase of P5.68 per liter for gasoline, P4.31 per liter for diesel, and P4.62 per liter for kerosene. This will push pump prices in Metro Manila to over P100 per liter, with gasoline reaching P107 per liter and diesel at P111.
According to Leo P. Bellas, president of Jetti Petroleum, Inc., the global oil market is expected to increase as the Middle East conflict intensifies and threatens to disrupt supply. Brent futures were last up 2.5% at $107.18 a barrel, having gained almost 9% last week.
The Philippines imports most of its fuel needs from the Middle East, with about 98% of crude oil imports coming from the region. The DoE has confirmed that Dubai crude prices have already breached the threshold to trigger a proposal to suspend fuel excise taxes. Energy Secretary Sharon S. Garin said the average price has hit $99.41 per barrel as of September 11.