Fuel prices to rise next week: Gas up P1.70-P1.90, diesel P1.00-P1.20

Motorists can expect another increase in fuel prices next week due to rising costs in the oil market, with gasoline set to rise by P1.70 to P1.90 per liter, diesel by P1.00 to P1.20 per liter, and kerosene by P0.80 to P1.00 per liter.

The Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero announced on Friday that the hike is caused by U.S. sanctions on Russian and Iranian oil sellers as well as strong demand for gasoline in the United States during its driving season.

This marks the fourth consecutive week of price hikes for diesel and kerosene, with some fuel retailers deferring scheduled increases in provinces affected by floods due to tropical cyclones and enhanced southwest monsoon.

Fuel retailers typically announce official price adjustments every Monday, with changes taking effect the next day. A total of 12 oil firms agreed to include diesel in a 15-day price freeze in areas under a state of calamity.

Since January, fuel prices have increased by a net of P9.30 per liter for gasoline, P13.05 for diesel, and P2.95 for kerosene.