DOE: Fuel price hike seen next week

Metro Manila, Philippines — Motorists could brace for an upside adjustment in pump prices next week, the Department of Energy said on Friday, Nov. 22.

According to the DOE forecast, gasoline prices may go up by P0.70 to as much as P0.90 per liter next week.

Per-liter prices of diesel may increase by a range of P0.70 to P1, while P0.60-P0.70 for kerosene.

The DOE attributed next week’s possible price increase to the “escalating geopolitical situation around Russia” which it said “continued to dominate sentiment, underpinning the week’s gains.”

Other reasons included the heavy losses and lower production of Russia’s oil refinery business, making them at risk of plant closure, and Norway’s reported oil production outage.

Oil firms implemented a rollback this week.

According to DOE monitoring, year-to-date adjustment of gasoline and diesel stood at a net increase of P10.15 per liter and P9.40 per liter, respectively. Kerosene had a net decrease of P1.40 per liter.