Photo courtesy of Philippine News Agency (PNA).
Pump prices of petroleum products are projected to go up next week as global oil markets firm, the Department of Energy (DOE) said on Friday.
Based on four days of international trading, the DOE said motorists may see a slight increase in gasoline prices and steeper adjustments for diesel and kerosene.
Gasoline prices are expected to rise by about P0.10 per liter, while diesel may increase by around P0.85 and kerosene by roughly P0.45.
The agency attributed the upward movement to a three-day rally in oil prices from January 27 to 29, driven largely by supply disruptions in the United States caused by severe weather.
It also cited the slow recovery of Kazakhstan’s Tengiz oil field following a fire and power issues, alongside growing geopolitical risks linked to Iran.
Additional pressure came from the decision of the OPEC+ group to pause planned output increases, tightening global supply expectations.
The DOE said the estimates exclude oil companies’ operating costs and other premiums, with firms set to announce official price adjustments on Monday for implementation the following day.