Metro Manila, Philippines – Motorists can expect higher fuel prices next week after consecutive weeks of cuts, according to projections of the Department of Energy (DOE) on Friday.
Based on four-day oil trading, gasoline may cost P0.65 to P0.90 more per liter.
Diesel and kerosene prices may both surge by P0.95 to P1.10 per liter.
The DOE pointed to escalating tensions in the Middle East, which could threaten oil production.
“The easing of the US monetary policy and the fear that subsided on the possible US recession added to the bullish part of oil price,” the agency said.
Oil companies carried out big-time price cuts on Tuesday of over P2 for gasoline and kerosene.
Prior to next week’s expected price hikes, gasoline prices went down for three consecutive weeks, while oil companies rolled back diesel and kerosene prices for five straight weeks.
