Fuel Prices Rising Anew on Aug. 25
- On Tuesday, August 25, the Department of Energy implemented fuel price adjustments, with diesel rising P2.31 per liter, gasoline P1.08, and kerosene P0.95 per liter.
- The DOE attributed these hikes to volatile global markets following the expiration of the mid-June US-Iran MOU and ongoing disruptions in the Strait of Hormuz.
- Escalating Middle East tensions and Russia's extension of its diesel export ban have tightened supply, while Dubai crude prices increased by around $8.90 per barrel.
- As a net importer of petroleum, The Philippines remains vulnerable to global price swings, with current fuel inventory equivalent to 47.22 days of supply.
- The International Energy Agency expects global oil demand to weaken in the second half of the year as the continued closure of The Strait disrupts international supply chains.
19 Articles
19 Articles
Fuel prices rising anew on Aug. 25
MANILA, Philippines — Motorists will bear the brunt of higher fuel prices, as local fuel retailers will implement up to a P2.31 per liter increase in petroleum products beginning August 25. In a media briefing on Monday, the Department of Energy (DOE) said diesel products will see the biggest jump, by as much as P2.31
The maximum selling prices will increase at the pump on Tuesday. Gasoline 95 (E10) will cost 1,966 euros per litre, the highest price in three months. The price will increase by three cents per litre, says the SPF Economy on Monday. ...
The next announcement from the Minister of Energy regarding maximum fuel prices will be published on Monday and will set the prices for Tuesday. As of August 17, the Lower Fuel Prices package, including reduced VAT and maximum fuel prices at stations, came back into effect, albeit on a limited basis. Maximum fuel prices were higher on Monday than on Friday. In the first week of the renewed CPN package, the price of 95-octane gasoline rose daily,…
Fuel prices expected to rise again next week
FUEL prices are projected to increase again next week, as ongoing Middle East tensions continue to influence the global market, local oil industry sources said on Friday.They said diesel prices will increase by P1.75 to P2.25 per liter, while gasoline prices are expected to rise by about P1 to P1.50 per liter.These estimates are based on the 4-day trading of Mean of Platts, Singapore, which serves as the pricing basis for refined goods in Southe…
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