Motorists in the Philippines are set to face a significant fuel price increase next week, with diesel and kerosene seeing the steepest hikes. The price surge is being driven by mounting global fears over a potential disruption in oil supply due to escalating tensions between Israel and Iran.
According to the Department of Energy (DOE) and independent oil firm Jetti Petroleum, gasoline prices are expected to rise by P2.50 to P3.20 per liter, while diesel could increase by P4.30 to P4.80 per liter. Meanwhile, kerosene is projected to go up by P4.25 to P4.40 per liter, based on global oil market trends observed over the past four trading days.
This follows a previous price adjustment last Tuesday, when gasoline and diesel rose by P1.80 per liter, and kerosene climbed by P1.50 per liter.
Rodela Romero, Assistant Director of the DOE’s Oil Industry Management Bureau, issued a stark warning, saying a “major oil price shock is looming” as tensions in the Middle East threaten key shipping lanes critical to the global oil supply chain.
Leo Bellas, president of Jetti Petroleum, confirmed that petroleum product prices have “jumped considerably” due to fears of supply disruption amid the worsening Israel-Iran conflict.
“Rising fears that the war could disrupt trade flows in the Strait of Hormuz, and concerns that direct U.S. involvement could widen the conflict and lead to attacks on energy infrastructure, have driven prices higher,” Bellas explained.
The Strait of Hormuz is a vital chokepoint for global oil shipments, and any conflict affecting the area could severely impact energy markets worldwide. As the situation in the Middle East remains volatile, local consumers are bracing for further fuel price volatility in the weeks to come.
