Starting September 15, oil prices in the Philippines could rise up to P5 per liter, largely influenced by ongoing conflicts in the Middle East.
Jetti Petroleum's president, Leo Bellas, estimates that diesel prices will likely see an increase ranging from P2 to P2.50 per liter.
The anticipated rise in fuel prices is attributed to heightened concerns about oil supply disruptions linked to the ongoing US-Iran conflict.
Bellas noted that Asian gasoline prices have been particularly affected, experiencing upward adjustments due to strong demand amid supply challenges.
Oil prices have rallied as the intensifying conflict in the Middle East tied to the US-Israel war with Iran heightened concerns about oil flows from the region.
Leo Bellas, President of Jetti Petroleum
These estimates are based on early trading data from the Mean of Platts Singapore (MOPS), which serves as a benchmark for pricing refined petroleum products in Southeast Asia.
Local oil companies are expected to confirm the exact price adjustments on Monday, September 14.