Fuel prices to rise next week - DOE

Metro Manila, Philippines - Motorists may expect an increase in fuel prices next week, the Department of Energy said on Friday, Feb. 14.

In its forecast, the agency said gasoline prices may increase by up to P0.75 per liter.

Diesel and kerosene costs, meanwhile, may go up by as much as P0.30 to P0.60 per liter.

“Three days of gains for this week in the international oil market is driven by the increasing Middle East tensions and the intensifying sanctions of the US to Iran and Russia. This resulted in an estimated increase in the prices of petroleum products in the pump prices by next week,” the DOE said.

Oil firms carried out slight price cuts this week.