MANILA, Sept. 21 (Xinhua) -- Fuel prices are set to go up in the Philippines starting Tuesday, due to tight global supply and continuing Middle East tensions, the country's Department of Energy (DOE) said on Monday.
The department announced at a press conference the price adjustments for the week of Sept. 22 to 28: gasoline, diesel and kerosene will increase by 4.88 pesos (about 0.08 U.S. dollars), 8.82 pesos and 6.47 pesos per liter, respectively.
Before the adjustment, the common retail prices of gasoline RON95, diesel and kerosene are 91.4 pesos, 94.5 pesos and 124.5 pesos per liter, respectively.
According to local media reports, local pump prices remain above levels seen before the conflict involving Iran and U.S.-Israeli forces broke out on Feb. 28. In the last full week before the conflict, DOE data showed common retail prices in Metro Manila for gasoline RON95, diesel and kerosene were 56 pesos, 55 pesos and 83.47 pesos.
The Philippines is a net importer of petroleum products, significantly affected by global oil price swings, foreign exchange fluctuations, and disruptions in international supply routes, among others. ■