Petroleum prices to rise by P1.10-P1.60 per liter next week
Motorists should prepare for an increase of over a peso per liter in petroleum prices next week following recent price rollbacks.
According to Jetti Petroleum's fuel price forecast and the latest Mean of Platts Singapore (MOPS) trading, diesel is expected to rise by P1.10 to P1.40 per liter, while gasoline could increase by P1.30 to P1.60 per liter.
The anticipated price hikes are attributed to global economic uncertainties due to trade tensions and concerns over Iranian oil exports following US sanctions.
Ongoing peak maintenance season at refineries and OPEC's plan for several members to curb output also contribute to supply worries, leading to tighter supplies amid steady demand.
Oil companies will announce official price adjustments on Monday, with the changes taking effect the next day.
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