MANILA — Another round of oil price hikes looms next week as world fuel prices remain high due to continued tensions in the Middle East.
Based on the first 3 trading days in the Mean of Platts Singapore, all fuel products trade higher versus last week's prices:
Diesel - P2.30/L up
Gasoline - P1.40/L up
Kerosene - P1.50/L up
Jetti Petroleum President Leo Bellas said the continuing uncertainty in the Middle East situation remains the major reason for elevated fuel prices.
US President Donald Trump has issued a fresh warning by announcing the "most crushing sanctions against Iran".
Oil rises, most stocks drop as Mideast hopes dim
The UAE has also suspended trade relations with Iran after suspecting it of targeting the country with 2 ballistic missiles.
If the increase in diesel is over P2/liter, retail prices will again hit near P90/liter level in some areas, said Bellas.
Bill shock update
Meanwhile, after TV Patrol reported a consumer getting a P1.6 million electricity bill, the Energy Regulatory Commission has advised customers with similar problems to file a formal complaint with the commission.
ERC Chair Nino Juan said that if consumers know their electricity meter has been tampered with, they should come clean and settle the back charges of the utility or electric cooperative.
But Juan said if the consumer truly believes that he or she did not tamper with the meter, there is still an avenue to file a formal complaint and the commission will be the final arbiter.
As the issue is being resolved and hearings are ongoing, the consumer's power connection will not be disconnected.
ERC extends suspension of GEA-All collection
Juan also announced that the ERC has extended the suspension of the collection of the Green Energy Auction allowance or GEA-All, from all consumers from September to December 2026.
That means consumers will not be burdened by the almost P0.04/kwh GEA-All collection, as the fund still has around half a billion pesos in balance as of August.
According to Juan, the commission will study the possibility of resuming the gea all collection by January 2027.