Petroleum prices are projected to soar in the following week, marking the third consecutive round of price hikes this year.

As per international fuel trading, the Department of Energy - Oil Industry Management Bureau (DOE - OIMB) estimates that pump prices will rise accordingly:

• Gasoline - ₱1.35 - ₱1.60/liter
• Diesel - ₱2.30 - ₱2.60/liter
• Kerosene - ₱2.30 - ₱2.50

The US and UK are levying sanctions on Russian oil once more, OIMB Assistant Director Rodela Romero said. She explained that as a consequence, there will be a cutback in Russian oil supply, potentially driving up global crude prices in a market wherein Russia is one of its largest suppliers.