Fuel prices are expected to rise next week due to escalating conflicts in the Middle East.
The Department of Energy has projected a price hike of P0.60 to P1 per liter for gasoline, P0.10 to P0.50 for diesel, and P0.10 to P0.30 for kerosene.
The anticipated increases are based on recent global oil market trends and rising tensions following US airstrikes on Yemen’s Houthi rebels, which have resulted in significant casualties.
Additional factors contributing to the price surge include China’s fiscal stimulus plan and a reduction in US fuel inventories.
The final price adjustments will be determined by trading outcomes and will be announced on Monday, taking effect the following day.
Source: PhilNews24 | March 22, 2025
OIL PRICE HIKE PREDICTED FOR NEXT WEEK
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