Starting July 14, diesel prices in the Philippines will rise by up to **P4.62** per liter, according to announcements from the Department of Energy (DOE). Energy Secretary Sharon Garin disclosed the adjustments during a press conference on July 13.
This latest increase follows a previous hike on July 7, which saw diesel prices rise between **P3.20** to **P3.57** per liter. Current data indicates that Metro Manila's average prices stand at **P74.60** for gasoline RON95 and **P72.80** for diesel.
The rise in diesel prices is largely attributed to renewed tensions in the Middle East, particularly concerning the Strait of Hormuz, a critical shipping route for oil. Despite a recent drop in crude oil prices, refined fuel prices have remained elevated.
The situation remains fragile after renewed exchanges between the United States and Iran again raised concerns over shipping through the key oil route.
Department of Energy
The Philippines, being a net importer of petroleum, is particularly vulnerable to fluctuations in global oil prices. This reliance on imported fuel means that local prices are more directly affected by international market dynamics rather than just crude oil prices.
In the weeks leading up to this latest hike, the DOE reported a divergence in fuel price movements. While Dubai crude prices dipped, refined products like diesel and kerosene saw increases, indicating a complex relationship between crude and finished fuel prices.