Motorists should brace for higher fuel prices next week, according to the Department of Energy (DOE) on Friday.
Based on international trading over the past four days, DOE-Oil Industry Management Bureau Assistant Director Rodela Romero shared the estimated price adjustments for petroleum products:
- Gasoline – Increase of P0.45 to P0.75 per liter
- Diesel – Increase of P0.30 to P0.60 per liter
- Kerosene – Increase of P0.15 to P0.30 per liter
Romero stated that the expected price hike could be “driven by the increasing Middle East tensions and the intensifying sanctions of US to Iran and Russia.” However, she clarified that final adjustments will be confirmed after the last trading day of the week.
Fuel companies typically announce official price changes every Monday, with adjustments taking effect the following day.
Earlier this week, oil firms reduced prices per liter by P0.10 for gasoline and diesel, while kerosene dropped by P0.30.
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