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Commodities

Philippines Faces Up to 2.25 Peso Fuel Price Hike Amid Geopolitical Tensions

Guavy AI Editorial Team
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Oil
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Fuel prices in the Philippines are expected to rise by as much as PHP2.25 per liter next week due to an increase in international oil prices.

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

The main factor driving up oil prices is the geopolitical premium, which has increased due to the dimming prospects for a diplomatic solution to the US-Iran conflict and normalization of navigation through the Strait of Hormuz.

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