Fuel prices are expected to increase next week, according to Unioil Petroleum Philippines. The company projected a rise in diesel prices by P1.80 to P2 per liter and a gasoline hike of P1.20 to P1.50 per liter from November 12 to 18.
The Department of Energy (DOE) also forecasts price increases:
- Gasoline: P1.10 to P1.40 per liter
- Diesel: P1.70 to P1.90 per liter
- Kerosene: P1.10 to P1.20 per liter
DOE Oil Industry Management Bureau Director Rodela Romero attributed the rise to factors including potential production cuts in the U.S. Gulf of Mexico due to an approaching storm, OPEC+ postponing production increases, and the depreciation of the peso. Elevated freight costs and a premium on petroleum products have also contributed to the anticipated price hike.
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