Philippines pump prices to rise P3.30-P3.50/liter starting Tuesday

Motorists in the Philippines should brace for a significant increase in pump prices due to tensions between Israel and Iran.

Starting Tuesday, June 24, gasoline prices will rise by P3.30 to P3.50 per liter, diesel by P5.00 to P5.20, and kerosene by P4.50 to P4.70.

The Department of Energy predicts that these price hikes are due to the continuing exchange of attacks between Israel and Iran, which began on June 13.

President Ferdinand 'Bongbong' Marcos Jr. announced that fuel subsidies will be provided to help mitigate the impact on drivers and workers during the expected oil price hike.

Fuel companies typically announce official price adjustments every Monday, which take effect the following day.

Jetti Petroleum president Leo Bellas noted that rising fears of conflict disrupting energy infrastructure have caused a further spike in prices.