According to recent reports, fuel prices are expected to rise during the upcoming Holy Week. Gasoline prices could increase by as much as P2.40 per liter, while diesel prices may go up by a maximum of P1.75 per liter. Additionally, kerosene prices are also expected to see an increase of up to P1.50 per liter.
The Department of Energy-Oil Industry Management Bureau Director attributes the projected price hike to various factors, including a decrease in crude exports from Iraq and the withdrawal of gasoline and crude stockpiles from the United States. Speculation regarding the effects of recent assaults in Ukraine on Russian refineries has also played a role in the expected price increase.
Earlier this week, oil firms implemented mixed adjustments in pump prices. Diesel prices went down by P0.10 per liter, while gasoline prices increased by the same amount. Kerosene prices remained unchanged.
Final price adjustments will be announced by oil companies on Monday and are set to be implemented on Tuesday next week.
