Diesel up today by P2.31/liter, gas by P1.08

“As of now, the probability of a double-digit increase in the coming weeks is relatively low,” Energy Undersecretary Alessandro Sales said yesterday.

Rattanakun Thongbun via Canva Pro

MANILA, Philippines — While motorists face another fuel price hike today, the Department of Energy (DOE) expects adjustments in the weeks ahead to remain below P10 per liter.

“As of now, the probability of a double-digit increase in the coming weeks is relatively low,” Energy Undersecretary Alessandro Sales said yesterday.

Sales said the conflict between the United States and Iran has settled into “grinding attrition” as it approaches its sixth month, with a broader peace deal still nowhere in sight.

The US is reportedly gearing up for a major financial offensive to cut off economic lifelines sustaining Iran, a week after the 60-day window under their interim agreement expired.

“The biggest signal that could happen is if there is an escalation and a port or pipelines in the Middle East are bombed because supply would be directly affected,” Sales said. “That’s when prices will surely surge again.”

Continued market uncertainties triggered another round of hikes this week, with gasoline, diesel and kerosene prices rising by up to P1.08, P2.31 and P0.95 per liter, respectively.

Energy Secretary Sharon Garin said domestic pump prices remain vulnerable to geopolitical tensions, given the Philippines’ heavy reliance on imported fuel.

Despite the pressure on prices, Garin said the country’s fuel supply continues to be stable.

“These developments are driving up international prices and the impact is ultimately reaching consumers at the pump in our country. A conflict thousands of kilometers away can still affect the jeepney driver filling up for the day,” she said. — EJ Macababbad