Fuel price hike expected Aug. 25

Domestic fuel retailers are expected to increase pump prices anew on Aug. 25, amid the continuing Middle East conflict.

Jetti Petroleum president Leo Bellas said in an advisory on Friday diesel may increase by P1.75 to P2.25 a liter.

Gasoline may likewise go up by P1 to P1.50 per liter.

“Oil prices climbed due to a rebuild in the geopolitical premium as prospects for a diplomatic solution to the US-Iran conflict and normalization of navigation through the Strait of Hormuz have dimmed,” he said.

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“With the expiration of the mid-June US-Iran [memorandum of understanding] and both sides expressing intentions to take a harder line, markets are pricing in the possibility of a prolonged crisis.”