Diesel and kerosene prices in the Philippines are scheduled to increase by more than P2 per liter beginning Tuesday, July 14.
The adjustment marks a significant step-up in retail fuel costs for consumers and businesses in the archipelago, driven by the weekly price monitoring mechanism that tracks international crude benchmarks.
60 per barrel, having slumped approximately 9% over the past seven days.
The price hike comes as global oil markets have experienced considerable volatility.
Brent crude futures on the Intercontinental Exchange recently traded at $72.60 per barrel, having slumped approximately 9% over the past seven days.
Despite this broader downward trajectory in global benchmarks, the local pricing mechanism is passing on higher costs, likely reflecting a lag in the transmission of global price drops or specific regional supply dynamics.
This development adds to the complexity of the energy market landscape.