Fuel Price Hike Expected Next Week

Motorists should prepare for a rise in fuel prices next week, following this week’s price rollbacks.

Expected Adjustments

The projected increases in pump prices per liter are:

• Gasoline: ₱0.70 to ₱0.90
• Diesel: ₱0.70 to ₱1.00
• Kerosene: ₱0.60 to ₱0.70

The adjustments are based on international trading trends over the past four days.

Reasons for the Hike

According to Rodela Romero, Assistant Director of the Department of Energy’s Oil Industry Management Bureau, the price hike is driven by escalating geopolitical tensions involving Russia. Factors include:

• Risks of refinery closures in Russia due to heavy losses and reduced production.
• Oil production outages in Norway.

These developments have fueled sentiment in the global oil market, contributing to the price increases.

Recent Price Trends

This announcement follows a rollback earlier this week, when gasoline prices were reduced by ₱0.85 per liter, diesel by ₱0.75, and kerosene by ₱0.90.

Oil companies are expected to confirm the new price adjustments on Monday, which will take effect the following Tuesday.