Motorists should prepare for another hike in pump prices next week, according to the Department of Energy (DOE).
Rodela Romero, Assistant Director of the DOE’s Oil Industry Management Bureau, said monitoring of the international oil market shows prices of petroleum products are expected to rise.
The estimated increases are as follows:
- Gasoline: P0.80 to P1.40 per liter
- Diesel: P0.40 to P1.00 per liter
- Kerosene: P0.50 to P0.70 per liter
Romero said recent developments have tightened global oil supply and pushed prices higher. These include new U.S. sanctions on Iran’s oil shipping network and a sharper-than-expected decline in U.S. crude inventories.
“The final adjustment will be determined after today’s trading and after oil companies submit their cost data,” Romero said.
Oil companies usually announce price changes every Monday, with the adjustments taking effect the next day.
Last Tuesday, April 22, fuel firms raised gasoline prices by P1.35 per liter, diesel by P1.30, and kerosene by P1.10.
So far this year, gasoline prices have increased by a net total of P2.30 per liter, diesel by P2.85 per liter, while kerosene prices have recorded a net decrease of P1.80 per liter.
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