Southeast Asia Braces for Fuel Price Surge Amid Middle East Tensions
Motorists in Southeast Asia are bracing for a significant increase in fuel prices next week due to rising global oil market tensions. The per-liter price of diesel is expected to range between P4.50 and P5, while gasoline will likely cost between P4 and P4.50.
The estimates are based on the Mean of Platts, Singapore, a pricing index for refined goods in Southeast Asia. Oil prices have surged as hostilities between the US and Iran over mining in the Strait of Hormuz have raised concerns about disruptions to energy flows from the Middle East.
One source explained that 'the resumption of hostilities between the US and Iran over mining in the Strait of Hormuz has raised concerns about more disruptions to energy flows from the Middle East.' The source added that diesel prices are increasing due to tightening inventories caused by disruptions at refineries, particularly in the Middle East and Russia.