Syquio Gas Station

The Department of Energy (DOE) said gasoline and diesel prices in the Philippines could reach around P90 per liter amid rising tensions in the Middle East.

DOE Oil Industry Management Bureau Director Atty. Rino Abad said Iran’s closure of the Strait of Hormuz, a key passage for oil tankers carrying Middle East supply, could force ships to take longer routes and increase shipping costs.

Abad noted that a similar price surge occurred in June 2022.

The DOE is also in discussions with oil companies on the possible staggered implementation of price increases. | via Gerard de la Peña/News5