Fuel price hike next week

MANILA, Philippines — As travel peaks for the Holy Week, hefty fuel prices are expected.

The Department of Energy (DOE) has estimated an increase in pump prices by P1.90 to P2.10 per liter for gasoline, P1.35 to P1.50 per liter for diesel and P1.40 to P1.50 per liter for kerosene next week.

The increase was driven by several international events, according to DOE-Oil Industry Management Bureau assistant director Rodela Romero.

“Oil edges higher driven by speculation surrounding the impact of Ukraine’s recent assaults on Russian big three refineries,” she said.

Ukraine launched drone attacks on Russian oil refineries last week.

Romero said the reduction of Iraq crude exports also caused the increase.

Meanwhile, the big draw from the United States crude and gasoline stockpiles contributed to the hike.

At the same time, the “stronger demand and economic growth” of the US and China have impacted fuel prices.

Last week, gasoline increased by P0.10 per liter, while diesel decreased by P0.10. Kerosene prices remain unchanged.

The final prices will be announced by oil companies on Monday, and will be implemented the next day.