MANILA: Queues formed at Philippine petrol stations and officials warned against hoarding Monday as residents raced to fill their tanks ahead of an expected surge in prices driven by the US-Israeli war against Iran.
Fuel costs will tick up between 17 and 24 pesos (29 to 40 US cents) per liter this week, Energy Secretary Sharon Garin told a congressional committee on Monday, as oil prices soared on fears about supplies from the Middle East.
The expected increase, which was not broken down by specific product, will be spread out over several days, she said.
“Some companies have volunteered not to impose the increase in one day. They’re staggered over three days or five days, depending on the company,” Garin explained in a televised interview.
“We have to remember these are not regulated prices. They just have to inform us what the increases are and justify it,” she said.
