Fuel Prices Rise in Singapore and Philippines Amid Middle East Tensions
Fuel companies in Singapore and the Philippines are raising gasoline prices as Middle East conflicts and currency fluctuations drive up global energy costs.
Fuel prices are climbing across Southeast Asia as geopolitical instability in the Middle East disrupts energy supplies. In Singapore, Caltex and Esso increased petrol prices by three cents per litre on October 30, matching a hike initiated by Shell the previous day. This represents the third consecutive week of increases for 92-octane, 95-octane, and premium petrol, with 95-octane now ranging from $3.56 to $3.63 per litre among major providers.
In the Philippines, gasoline prices are projected to rise by P2.90 to P3.20 per liter during the first week of November. This spike is attributed to supply disruptions and fears that the United States may strike Iran following upcoming midterm elections. Conversely, Philippine diesel prices are expected to drop by P0.40 to P0.60 per liter due to new export quotas from China and eased restrictions from South Korea.
Global oil volatility is being driven by an eight-month war between the United States and Israel against Iran, highlighted by a tanker attack in the Strait of Hormuz and Houthi strikes on Saudi Arabian refineries. In the Philippines, these pressures are compounded by economic factors; Department of Energy Secretary Sharon Garin warned that the Philippine peso hitting a record low of P64.17 to the dollar on October 27 could further increase the cost of imported coal, diesel, and liquefied natural gas.
