Metro Manila, Philippines – Fuel prices may spike next week over global supply jitters with tensions in Iran, a major oil producer, the government said on Friday, Jan. 16.
Based on four days of trading in the platform Mean of Platts Singapore, industry estimates show pump prices may go up by about 60 centavos per liter for gasoline, around ₱1.35 per liter for diesel and roughly ₱1 per liter for kerosene.
The estimates have yet to factor in oil company operating costs and other premiums, said the Department of Energy.
The recent upswing in crude oil and finished fuel product prices was driven mainly by concerns over supply risks from Iran, the fourth largest producer in the Organization of the Petroleum Exporting Countries, over widespread rallies and killings of protesters and a possible action from the United States.
