Petroleum prices to rise next week, LPG prices drop

Motorists can expect another price hike for petroleum products starting next week due to rising international fuel prices driven by supply and geopolitical issues.

The Department of Energy's Oil Industry Management Bureau Assistant Director Rodela Romero cited US sanctions on Iran, ongoing conflicts in Ukraine and Russia, potential tariffs on Venezuelan crude oil, and OPEC production cuts as factors contributing to the increase.

Based on recent trading trends, gasoline is expected to rise by P0.94 per liter, diesel by P0.75, and kerosene by P0.93.

Premium and additional freight costs may push these increases beyond P1/liter for both diesel and gasoline.

Meanwhile, LPG prices have seen a reduction of P0.50 per kilo due to peso appreciation against the US dollar.