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Fuel retailers were expected to implement another round of price increases next week, driven by movements in global oil benchmarks and a weaker Philippine peso, an industry source said.
Based on Mean of Platts Singapore trading data and recent foreign exchange averages, diesel prices were projected to rise by about P1.00 to P2.00 per liter, while gasoline may go up by P2.00 to P3.00 per liter.
The Department of Energy (DOE) said on Thursday that pump prices could increase in the coming week, citing continued peso depreciation against the US dollar and upward signals in global oil trading.
Energy Secretary Sharon Garin said early indicators in the oil market pointed to a possible upward adjustment in local fuel prices.
Oil companies typically announce weekly price changes every Monday, with adjustments implemented the following day.
In the previous round, fuel firms raised gasoline prices by P0.53 per liter while cutting diesel by P12.94 per liter and kerosene by P15.71 per liter.
DOE data showed that recent weekly movements had resulted in a net increase of P44.23 per liter for gasoline, P48.96 per liter for diesel, and P57.99 per liter for kerosene.
The latest adjustments marked the 17th fuel price movement of the year, reflecting continued volatility in both global oil markets and currency exchange rates.