Philippines Braces for Up to P6.50-Per-Liter Oil Price Hike Amid Global Supply Disruptions

A sharp increase in oil prices is expected next week, with pump prices possibly rising by more than P6 per liter for diesel and P5.50 to P6 per liter for gasoline.

This projection is based on the four-day average movement of the foreign exchange rate and the Mean of Platts Singapore, a key benchmark for refined petroleum products across Asia-Pacific markets.

Jetti Petroleum president Leo Bellas attributed the rise in world oil prices to concerns over supply disruptions following the closure of the Strait of Hormuz, a key shipping route that typically carries around 20 percent of global oil and gas supplies.