After weeks of continuous price reductions, motorists should brace for a hike in the retail prices of petroleum products next week.
According to industry estimates based on the past four days of oil trading, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero indicated the following projected price hikes:
- Gasoline: Increase by P0.65 to P0.90 per liter
- Diesel: Increase by P0.95 to P1.10 per liter
- Kerosene: Increase by P0.95 to P1.10 per liter
"Oil prices surged early in the week due to concerns over escalating tensions in the Middle East, which could threaten production in one of the world’s major oil-producing regions as Iran vows retaliation," Romero explained.
She also noted that the easing of the U.S. monetary policy and reduced fears of a possible U.S. recession contributed to the bullish trend in oil prices.
Additionally, the Organization of Petroleum Exporting Countries (OPEC) has expressed optimism about the continued demand for fuel.
Oil companies typically announce official price adjustments every Monday, with the changes taking effect the following day.
