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Philippines Braces for Up to P2.25/Liter Oil Price Hike Next Week

Guavy AI Editorial Team
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A projected oil price hike of up to PHP2.25 per liter is expected next week due to rising international market prices.

Citing current price developments, Leo Bellas, president of Jetti Energy, stated that diesel prices may jump between PHP1.75 and PHP2.25 per liter, while gasoline prices could increase by PHP1 to PHP1.50 per liter.

Bellas attributed the higher oil prices to geopolitical tensions and military actions in the Middle East, which have curtailed crude feedstock exiting the Strait of Hormuz and disrupted flows from the alternate Red Sea route.

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