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
Latest from Business
Davao City has welcomed its first all-electric taxi service as Vietnamese company Green GSM launched its
The Department of Agriculture (DA) has approved the importation of live hogs, pork, and by-products from
The Philippines’ garment exports are projected to reach $1 billion this year, an 11-percent increase from
Shopee celebrates its 10th anniversary with the release of its first impact report, Shopee: A Decade
The Energy Regulatory Commission (ERC) is set to decide on the recovery of around ₱34.5 billion