MANILA, Philippines — Prices of fuel products may increase again next week, according to the Department of Energy.
DOE Oil Industry Management Bureau assistant director Rodela Romero said prices will increase by P0.80 to P1 per liter for diesel and P0.85 to P1 per liter for kerosene.
The best scenario is that gasoline prices may not change, but may also increase by P0.20 per liter, according to Romero.
She cited geopolitical movements as main drivers of the price hike, particularly in the Gaza Strip. The assistant director also cited the killing of three sons of a Hamas leader.
Reports indicate that three sons of Hamas leader Ismail Haniyeh were killed in an Israeli airstrike in Gaza last Wednesday, where the car they were in was bombed.
“(But) inventory buildup of crude and fuels in the US tempered the oil price increase,” Romero said.
Last Tuesday, oil firms raised pump prices by P1.10 per liter for gasoline, P1.55 for diesel and P1.40 for kerosene.