The Daily Tribune
Fuel prices up P2/L Tuesday on Mideast tension
Fuel prices are expected to rise by almost P2 per liter for diesel and gasoline next week due to Israel's attacks on Iran and ongoing geopolitical tensions.
The projected price increase is based on trading data from the Mean of Platts Singapore (MOPS) this week.
Gasoline and diesel prices are anticipated to climb by P1.70 to P1.90 per liter, while kerosene may increase by P1.40 to P1.60 per liter.
These adjustments are expected to take effect on Tuesday, June 17.
The primary driver for the price hike is the fear in the crude market stemming from retaliatory attacks between Israel and Iran.
Iran launched ballistic missiles at Israel following Israeli strikes on its nuclear facilities and military bases.
The ongoing conflict between Ukraine and Russia also continues to impact the global market.
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Motorists in the Philippines are set to face significant fuel price increases starting Tuesday, June 24.
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The United States bombing of Iran's nuclear facilities is causing concerns about a significant increase in global oil prices, potentially impacting import-reliant economies like the Philippines.
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Diesel prices in the Philippines are expected to increase by nearly P4 per liter due to escalating geopolitical tensions in the Middle East impacting global oil markets.
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Pump prices for gasoline and diesel will increase by P1.80 per liter, while kerosene will go up by P1.50 per liter starting Tuesday, June 17, 2025.
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Economic analysts predict that escalating geopolitical tensions between Iran and Israel, alongside U.S.-led bombings, could lead to increased inflation and moderate growth in consumption activities in the Philippines.
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