Diesel prices seen rising anew on July 14

MANILA, Philippines – Motorists face another steep diesel price hike this week, with the Department of Energy (DOE) projecting a P2.62 to P4.62 per liter increase.

In its latest fuel price update for July 14 to 20, the DOE said on Monday that kerosene prices could also rise by P2.22 to P4.22 per liter.

READ: US strikes Iran as Gulf states targeted in flareup over Hormuz

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Gasoline prices will likely stay largely unchanged, with adjustments ranging from a P1.00 per liter rollback to a P1.00 per liter increase.

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DOE Secretary Sharon Garin said the agency may stop issuing price ranges if volatility in the global oil market persists, particularly due to the continuing uncertainty in the Middle East.

READ: US tells Iran: Declare Strait of Hormuz open, halt ship attacks

“Because of the volatility in the market and the international situation, particularly in the Middle East, if conditions do not stabilize, we will change the format of next week’s fuel price announcement,” Garin said.

“There will no longer be a price range. Instead, we will announce either the maximum or minimum adjustment. This is meant to protect consumers and ensure that local pump prices accurately reflect international price movements,” she added. /pai INQ

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