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
Jollibee, the flagship brand of Jollibee Foods Corp., has been named the No. 1 chicken quick-service
The European Union expects higher investment flows to the Philippines once a free trade agreement (FTA)
The partnership between the Philippine National Police Anti-Cybercrime Group and GCash has been strengthened with the
The Department of Energy announced a major fuel price rollback, with diesel and kerosene dropping by
Meralco clarified that the “additional” charges appearing on electricity bills are not company-imposed fees but government-mandated