Post #5737

🇵🇭Philippine Diesel Prices Break Triple-Digit Record Diesel prices in the Philippines breached 100 pesos per litre for the first time on Tuesday, with the Department of Energy warning of prices as high as 114 pesos (US$1.90) per litre in Metro Manila. The surge follows weeks of consecutive increases driven by the war on Iran and its effect on global crude markets. The spike exposed structural weaknesses in the Philippine energy sector. The chief economist at Union Bank of the Philippines noted that limited domestic refining capacity means local prices rapidly reflect movements in global crude and refined product markets. Transport workers have been among the first to absorb the impact, with some reducing operating hours or leaving vehicles idle as fuel costs approach one-sixth of the minimum daily wage in the capital. The Department of Energy has flagged the risk of a domino effect on rice prices, electricity, and basic household goods. #Philippines @asianomics