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Up to P2.70/liter fuel price hike seen next week
The Department of Energy (DOE) has projected a significant increase in oil prices in the Philippines starting next week, citing eased trade tensions between the US and China as a key factor.
Diesel prices are expected to rise by P2.50 to P2.70 per liter, while gasoline may increase by P1.50 to P1.70 per liter and kerosene by around P1.75 per liter.
The projected price increases are based on the Mean of Platts Singapore, a pricing benchmark for refined petroleum products, over the past four days.
The DOE noted that global oil prices surged following the easing of US-China trade tensions, which could boost demand for petroleum products.
Sanctions imposed by the US, UK, and EU on Russia have also contributed to upward pressure on oil prices.
Final price adjustments will be announced on Monday and take effect the following day.
This will be the second consecutive week of significant price jumps for these fuels, following increases of P1.20, P1.70, and P2.00 per liter on October 28.
The DOE emphasized that oil price adjustments are solely a reflection of international market dynamics and not influenced by the department itself.
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