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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:
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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