DOE: Fuel pump prices may rise P0.45-P0.85 per liter next week

Higher fuel pump prices are expected in the coming week according to the Department of Energy, with potential increases ranging from P0.45 to P0.85 per liter for gasoline and diesel, and P0.15 to P0.30 for kerosene based on recent industry estimates.

Escalating tensions in the Middle East, US sanctions against Russia and Iran, and tight availability due to export cuts from major suppliers are cited as factors driving these potential price hikes.

Final adjustments will be determined after this week's trading concludes, with fuel companies typically announcing official price changes every Monday effective from Tuesday onwards.

Despite recent declines on Tuesday where gasoline and diesel prices were reduced by P0.10 per liter and kerosene was cut back by P0.30 a liter, analysts predict another round of fuel price pain next week.

A potential Ukraine-Russia peace deal may ease supply disruptions and reduce economic growth, which could mitigate the impact on oil demand and help stabilize prices.