Fuel price hike looms next week

MANILA, Philippines — Following recent slight reductions, fuel prices are expected to increase in the coming week due to persistent tensions abroad.

The Department of Energy has indicated a potential per liter hike of P0.45 to P0.75 for gasoline, P0.30 to P0.60 for diesel and P0.15 to P0.30 for kerosene.

The estimates were based on the four-day trading in the international oil market.

Oil Industry Management Bureau assistant director Rodela Romero traced the anticipated price movements to the escalating conflicts in the Middle East.

This came after reports indicated that the month-old ceasefire agreement between Israel and the militant group Hamas had faced challenges, sparking worries that the war could flare up again.

Romero said the harsher sanctions imposed by the US on Iran and Russia’s oil industries also contributed to the rising pressure in domestic pumps.

Friday’s trading would determine the final price adjustments, which will be announced on Monday and will take effect the following day.

Last Tuesday, oil companies rolled back prices of gasoline and diesel by P0.10 per liter and kerosene by P0.30 per liter.