The Department of Energy announced significant fuel price hikes on July 20 that took effect the following day amid ongoing global oil market pressures from West Asia tensions.
The Department of Energy announced the adjustments on Monday, July 20. Diesel prices rose by P10.68 per liter, kerosene by P11.77 per liter, and gasoline by P3.65 per liter. The changes apply from July 21 to 27.
Energy Secretary Sharon Garin attributed the increases to uncertainty from tensions involving Iran, Israel, and the United States. "I know this is not the news anyone is hoping for, but we cannot change the direction of the global market," she said.
The government is monitoring oil companies to prevent hoarding and overpricing. Officials confirmed that pump prices will reflect actual global market movements.
