DOE: Fuel prices to rise P0.80-P1.40 per liter next week

Motorists can expect another significant increase in fuel prices next week due to recent developments in the international oil market.

According to Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero, gasoline prices are projected to rise by P0.80 to P1.40 per liter, diesel by P0.40 to P1.00 per liter, and kerosene by P0.50 to P0.70 per liter.

Romero cited US sanctions on Iran's oil shipping network and a sharper-than-expected decline in US crude inventories as factors affecting fuel prices.

Final adjustments will be determined after today’s trading and input from oil companies, with official price changes announced every Monday for implementation the following day.

Effective Tuesday, April 22, gasoline prices increased by P1.35 per liter, diesel by P1.30 per liter, and kerosene by P1.10 per liter, bringing this year’s total net increase to P2.30 per liter for gasoline and P2.85 per liter for diesel.