Motorists across the country, including those in Palawan, should gear up for a tighter financial crunch as oil companies announced a third successive weekly hike in fuel prices.
Reports said Unioil’s recent forecast suggests a significant rise in fuel costs, with diesel expected to go up by ₱0.70 to ₱0.90 per liter, and gasoline facing a steeper increase of ₱0.90 to ₱1.10 per liter in the upcoming week.
Earlier, the Oil Industry Management Bureau of the Department of Energy’s (DOE) predicted an increase of ₱0.45 to ₱0.65 per liter for diesel and ₱0.65 to ₱0.85 per liter for gasoline.
Kerosene prices, on the other hand, are expected to remain stable or may even see a slight reduction of ₱0.10 per liter.
The primary causes behind the spike in fuel prices are tensions in the Middle East, the Red Sea shipping attacks, and Iranian missile strikes in Syria and Iraq.
As of January 16 to 22, the DOE’s retail pump price monitoring in the National Capital Region showed gasoline prices ranging from ₱51.90 to ₱77.70 per liter, diesel from ₱51 to ₱79.81 per liter, and kerosene from ₱71.64 to ₱83.03 per liter.
