Philippines Faces Another Big-Time Oil Price Hike Amid Middle East Crisis

Oil prices in the Philippines are expected to surge even higher next week, as diesel could hike up from P10.50 per liter to P11 and gasoline prices increase from P4.5 to P5 per liter.

This is according to oil industry sources, who point to the ongoing crisis in the Middle East as the cause of the price hike.

Energy Secretary Sharon Garin said that it does not appear that the conflict will end soon, which means oil prices are likely to remain high.

The Department of Energy (DOE) explained that the law states that Dubai crude oil should average $80 per barrel within one hour before the suspension of the excise tax, but oil has surpassed $100 per barrel from August 13 to September 11.

Motorists are lamenting the high fuel prices and its effects on their livelihood, with some saying they may not be able to go out because they will not make any money.