Diesel and kerosene prices are set to rise sharply on Tuesday, July 14, while gasoline prices could either increase or decline, depending on the oil company, the Department of Energy said.
Under the DOE’s prescribed adjustment range, diesel prices may climb by P2.62 to P4.62 per liter, while kerosene prices could increase by P2.22 to P4.22 per liter.
Gasoline prices may fall by as much as P1 per liter or rise by the same amount.
Final pump price adjustments will vary among fuel retailers.
Energy Secretary Sharon Garin attributed the price volatility to escalating tensions in the Middle East, including threats to shipping through the Strait of Hormuz, a key global oil transit route.
She said international crude prices rose following renewed missile and drone exchanges between United States and Iranian forces in the Gulf on Sunday.
Garin said the DOE may abandon its current adjustment range next week if global oil prices remain highly volatile.
Instead, the agency may announce only a definite minimum or maximum price movement—whether an increase or rollback—to better reflect rapidly changing conditions in the international market.