Oil prices to soar by over ₱1 next week

Motorists in Puerto Princesa City and Palawan should prepare for an estimated oil price increase of around ₱1.10 to ₱1.50 per liter for gasoline, diesel, and kerosene next week.

The Department of Energy Oil Industry Management Bureau said the reason for the price hike is the Middle East conflict that has intensified at the Lebanese border.

Latest reports from the conflict indicate that tensions between Israel and Hamas are escalating in the area after Israel retaliated to a barrage of rockets launched by Hezbollah with a series of strikes in southern Lebanon.

The oil industry management bureau also said that the surge in U.S. crude oil inventories and disruptions to shipping in the Red Sea and Suez Canal have also contributed to the increase.