Philippines Fuel Prices to Surge Amid Middle East and Russian Tensions

Fuel prices in the Philippines are expected to increase again next week due to rising tensions in the Middle East and Russia, according to local oil industry sources. The estimated price hike for diesel is around P4.50 to P5.00 per liter, while gasoline could go up by about P4 to P4.50 per liter.

The estimates are based on a 4-day trading of Mean of Platts, Singapore, which serves as the pricing basis for refined goods in Southeast Asia. This comes after diesel prices decreased by up to P3.90 per liter and gasoline dropped by up to P0.40 per liter this week.