Big-time fuel price hike expected next week - DOE

Metro Manila, Philippines - Prices of petroleum products are expected to significantly go up next week, according to the Department of Energy’s (DOE) forecast on Friday, June 13.

Gasoline price will inch up by P0.90 to P1.40 per liter. Diesel cost will have an additional P1 to P1.40 per liter while kerosene will increase by P1 to P1.20 per liter.

The DOE attributed the price hikes to the stalled nuclear negotiations between the United States (US) and Iran and “crude prices extend gains on positive US-China trade signals.”

Another contributor to the increase is the Organization of the Petroleum Exporting Countries’ anticipated continuous oil demand growth until the next two decades.

Oil companies are set to release their price adjustments on Monday.