By Sheldeen Joy Talavera, Reporter
THE DEPARTMENT of Energy (DoE) is set to tighten fuel price guidance as fresh developments in the Middle East threaten to drive pump prices higher, its top official said.
Energy Secretary Sharon S. Garin said that renewed tensions in the Middle East are putting upward pressure on global oil prices amid concerns over possible supply disruptions.
“Threats to navigation through the Strait of Hormuz have underscored the vulnerability of one of the world’s most critical energy trade corridors, placing upward pressure — prices have gone up again — on international crude oil prices, and consequently, domestic pump prices are affected,” she said at a briefing on Monday.
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