Fuel price hike possible next week - DOE

Metro Manila, Philippines - Motorists may face hefty fuel price hikes on Tuesday, Aug. 5, the Department of Energy (DOE) said.

In its forecast, the agency said gasoline cost may increase by up to P1.50 per liter.

Per liter cost of diesel may rise by up to P1, and kerosene by P0.80 per liter.

The potential adjustments mark the first price increase for August.

The DOE cited renewed concerns on supply disruptions following US President Donald Trump’s sanction on Russian and Iranian oil, as well hopes of improved economic activity after the US and European Union deal.

The country imports almost the entire fuel requirement.