Philstar
Pump price hike set next week
Filipino motorists are bracing for fuel price increases next week due to global market fluctuations and geopolitical events.
Industry sources estimate possible increases of P0.40 to P0.60 per liter for gasoline, P0.20 to P0.40 for diesel, and around P0.10 for kerosene.
The Department of Energy (DOE) attributed the expected hikes to a decline in US oil inventories, driven by stronger refinery demand.
Ongoing tensions between Iran and Israel, as well as uncertainties surrounding Ukraine-Russia peace talks and tighter Western and US sanctions on Moscow, are also contributing factors.
The final pump price adjustments will depend on the results of Friday's trading, with changes typically announced on Monday and implemented the following day.
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