Higher diesel, gasoline prices seen next week

MANILA, Philippines — Prices of fuel products will increase next week, according to the Department of Energy’s Oil Industry Management Bureau assistant director Rodela Romero.

Her estimates indicate an increase of P0.90 to P1.20 per liter for gasoline, P1.20 to P1.40 per liter for diesel and P1.10 to P1.30 per liter for kerosene, citing geopolitical movements as main drivers of the hike.

Romero said oil prices changed on Thursday morning, causing a “breather” after a four-day “winning streak” due to fears of a wider conflict in the Middle East, namely the Israel-Hamas conflict which might involve Iran.

Iran’s supreme leader recently said Israel “will be slapped” for a strike on Tehran’s consulate building in Syria, killing senior military commanders.

Romero added that the attack on Russia’s oil refineries by Ukraine has impacted next week’s oil price.

She said OPEC’s decision to continue its policy of production cuts and signs of stronger economic growth in the US and India also caused the hike.

Last Monday, oil companies implemented a mixed adjustment as fuel products increased by P0.45 per liter for gasoline, while diesel and kerosene decreased by P0.60 and P1.05 per liter, respectively.

Final prices will be announced on Monday by oil companies and will take effect the next day.