Big Oil Price Increase Expected Next Week, DOE Says
FUEL PRICE UPDATE – The Department of Energy said that another big oil price increase is expected next week.
Motorists in the Philippines may soon face another heavy increase in fuel prices as global oil markets remain unstable.
According to Energy Secretary Sharon Garin, the market has not yet stabilized, which means fuel prices are still expected to climb. The situation worsened after Iran blocked parts of the Strait of Hormuz, a key route where a large portion of the world’s oil supply passes.
The disruption was linked to the ongoing tensions involving the United States, Israel, and Iran in the Middle East.
Fuel prices in the Philippines already jumped sharply earlier this week. Records from the energy department showed huge increases across different petroleum products:
• Gasoline – P7 to P13 per liter
• Diesel – P17.50 to P24.25 per liter
• Kerosene – P32 to P38.50 per liter
Kerosene experienced the largest jump, marking one of the highest single-week fuel price increases recorded in the country.
Industry estimates suggest that another increase may take effect next week. Based on current trading trends, the projected adjustments are as follows:
• Diesel may increase by P19 to P22 per liter
• Gasoline may rise by around P14 to P17 per liter
If these projections push through, diesel prices could exceed P100 per liter, while gasoline may approach the P90 per liter mark in some areas.
Despite the rising prices, officials assured the public that the country still has enough petroleum supply for now, with about 50 days of available stock. The government is also coordinating with other Asian countries that are willing to supply fuel to the Philippines.
This is a developing report, just visit his website regularly or refresh the page for further updates.
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