DOE projects fuel prices to rise again next week

Metro Manila, Philippines - Fuel prices may rise again next week, based on the Department of Energy (DOE) monitoring on Friday, Jan. 10.

The agency said gasoline may cost P0.40 to P0.70 more per liter, diesel by P0.45 to P0.75, and kerosene by P0.65 to P0.75.

The DOE attributed this to the lower production of Russia and the Organization of the Petroleum Exporting Countries, the group of leading global oil producers, in December and the strong United States (US) economy.

Other factors are the cold spell in the US and Europe and the anticipated demand growth in Asia due to China’s stimulus package.

Fuel prices spiked this week by up by at least a peso per liter.