Fuel prices are expected to rise by up to P0.90 per liter next week, following two consecutive weeks of increases for gasoline and diesel.
The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) forecasts a per-liter hike of P0.30 to P0.60 for gasoline and P0.65 to P0.90 for diesel, with kerosene likely to increase by P0.40 to P0.50.
These projections stem from recent trading patterns in the Mean of Platts Singapore, amid rising tensions in the Middle East that are impacting the oil supply.
DOE-OIMB assistant director Rodela Romero noted that developments in China’s economy and the US oil market also contribute to the upward pressure on prices.
Final price adjustments, determined by recent trading, will be announced on Monday and take effect the following day.
FUEL COSTS PROJECTED TO CLIMB NEXT WEEK
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