Motorists should brace for another round of fuel price hikes next week, the Department of Energy (DOE) said, as global oil market developments—including Israel’s recent attack on Iran’s nuclear facilities — continue to put upward pressure on local pump prices.
“Based on the four-day trading in MOPS, we will be experiencing an increase in the prices of petroleum products by next week,” DOE’s Oil Industry Management Bureau director Rodela Romero said on Friday.
According to Romero, gasoline prices are expected to rise by P0.90 to P1.40 per liter, diesel by P1.00 to P1.40 per liter, and kerosene by P1.00 to P1.20 per liter.
Final price adjustments from oil companies will be announced on Monday and will take effect the following day.
Romero attributed the anticipated increases to several global factors, including higher crude prices buoyed by positive US-China trade signals and the ongoing stalemate in US-Iran nuclear negotiations.
She also cited OPEC’s projection of sustained oil demand growth over the next two and a half decades, as well as renewed geopolitical tensions following Israel’s recent attack on southern Gaza.
Oil firms raised pump prices by P0.60 per liter for gasoline, P0.95 for diesel, and P0.30 for kerosene this week.
