Fuel prices may increase next week amid global supply concerns

Filipino consumers should anticipate a fuel price increase next week, with estimates suggesting hikes of around P0.50 per liter for gasoline and over P1 per liter for diesel and kerosene.

The Department of Energy attributes these expected adjustments to a potential decline in oil production, robust gasoline demand in the United States, and renewed Houthi attacks in the Red Sea.

These factors have led to an increase in crude oil and refined fuel product costs this week.

Jetti Petroleum forecasts a hike of P1.30 to P1.50 per liter for diesel and P0.60 to P0.80 per liter for gasoline, though final adjustments depend on Friday's trading.

This anticipated increase follows two consecutive weeks of price rollbacks and a significant hike in late June linked to Israel-Iran tensions.

Fuel companies typically announce price adjustments on Mondays, with new prices taking effect the following day.