Fuel prices to increase next week amid global tensions

Filipinos can expect higher fuel prices next week, with potential per liter hikes of P0.45 to P0.75 for gasoline, P0.30 to P0.60 for diesel, and P0.15 to P0.30 for kerosene.

The anticipated price adjustments are influenced by persistent tensions abroad, including escalating conflicts in the Middle East and challenges to the Israel-Hamas ceasefire agreement.

Harsher US sanctions on Iran and Russia's oil industries also contribute to the rising pressure on domestic fuel prices.

These estimates are based on four-day trading in the international oil market, with final adjustments to be announced on Monday and effective the following day.

Previously, oil companies implemented a rollback on Tuesday for gasoline and diesel by P0.10 per liter and kerosene by P0.30 per liter.

Jetti Petroleum President Leo Bellas stated that imported fuel prices rose in the first four trading days, making a price hike unavoidable.

The Department of Energy's Oil Industry Management Bureau previously cited international trading data and foreign exchange averages as the basis for estimated price adjustments.