Next week will see another rise in fuel prices across the three main petroleum products, urging vehicle owners to brace themselves for the upcoming adjustments.
Reports from the Oil Industry Management Bureau of the Department of Energy suggest that recent oil market activities point to expected increases in the prices of gasoline, diesel, and kerosene per liter.
The projected price adjustments for gasoline, diesel, and kerosene are increases ranging from ₱0.90 to ₱1.20, ₱1.20 to ₱1.40, and ₱1.10 to ₱1.30 per liter, respectively.
The price adjustments are attributed to rising tensions in the Middle East, particularly with fears that the conflict between Israel and Hamas could expand to include Iran. Additional influences on global oil prices stem from Ukraine’s attacks on Russian oil infrastructure, OPEC’s sustained policy of reducing oil production, and evidence of strong economic growth in the United States and India.
