The Daily Tribune
Trade deal, sanctions to push oil prices higher
Local pump prices are anticipated to increase next week, with gasoline potentially rising by P1.50 per liter, diesel by P1.00 per liter, and kerosene by P0.80 per liter.
The Department of Energy attributes these price hikes to renewed concerns over global supply disruptions.
Specifically, the US President's sanctions on Russia and Iranian oil are contributing factors to the anticipated price adjustments.
Additionally, optimism surrounding improved demand prospects following a recent trade deal between the US and the European Union is also influencing the market.
The tightening of diesel supply and a significant decrease in US gasoline stocks further support the expectation of strong summer driving demand, bolstering oil prices.
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Filipino consumers will face significant increases in fuel costs starting August 5, as major oil companies implement price hikes across various petroleum products.
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Gasoline prices are expected to increase by P1.70 to P1.90 per liter next week, diesel by P1.00 to P1.20 per liter, and kerosene by P0.80 to P1.00 per liter.
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