ABS-CBN
More than P1 increase in fuel prices seen on first week of April
Motorists are anticipating fuel price increases next week, with gasoline expected to rise by P1.20 to P1.40 per liter, diesel by P1.00 to P1.20, and kerosene by P1.00 to P1.20.
These anticipated price hikes are driven by global developments affecting the petroleum market, including US sanctions on Iran and ongoing attacks on energy installations in Russia and Ukraine.
The US also imposed high tariffs on imports from countries consuming oil and gas from Venezuela, further influencing the price adjustments.
The Department of Energy (DOE) provided these estimates, which reflect trading results in the international oil market.
The sanctions on Iran could reduce global oil supply by one million barrels per day.
Final price adjustments will be announced on Monday and take effect on Tuesday, April 1.
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