New oil price hikes slated for Aug. 18

MANILA, Philippines — A fresh wave of fuel price hikes, reaching as high as P4.25 per liter, looms next week, as hopes for peace talks in the Middle East wane.

According to estimates from Jetti Petroleum, diesel prices could increase by P3.75 to P4.25 per liter.

READ: Gulf states scramble for Strait of Hormuz alternative

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Meanwhile, gasoline may also go up by P2.50 to P3 per liter.

“This week, world oil prices rose as optimism for a peace deal and the near-term reopening of the Strait of Hormuz traffic faded. Markets grew more skeptical because negotiations became further complicated by competing demands for compensation stemming from the five-month conflict,” the fuel retailer said.

READ: Trump says will demand conflict compensation from Iran

The estimates were based on the first four days of trading in the Mean of Platts Singapore and foreign exchange movements.

This week, motorists saw some relief as fuel retailers implemented price cuts of P4.70 per liter for gasoline, P4.30 per liter for diesel, and P4.88 per liter for kerosene. /pai