Philippines petroleum prices to rise next week

Motorists in the Philippines are expected to face higher petroleum prices next week due to anticipated pump price hikes.

Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero stated that based on recent trading in MOPS, there will be an increase in petroleum product prices.

The estimated per-liter price adjustments include a gasoline increase of around P0.60, diesel at approximately P1.00, and kerosene by about P0.50.

Romero cited the unexpected drop in US oil inventories and potential new US tariffs on India as factors contributing to the anticipated rise.

Oil traders are also monitoring diplomatic efforts between the US, Ukraine, and Russia for any impact on fuel prices.

Fuel companies typically announce price adjustments every Monday, which take effect the following day.