Expect fuel price hike next week - DOE

Metro Manila, Philippines - Expect another round of fuel price hike next week, the Department of Energy (DOE) said on Friday, March 28.

Below are the forecast adjustment based on DOE estimates:

+ Gasoline - ₱0.85-₱1.35 per liter

+ Diesel - ₱0.75-₱1.25 per liter

+ Kerosene - ₱0.95-₱1.10 per liter

The agency said US sanctions on Iran could have contributed to the expected price increase as it could remove one million barrels per day from the global supply. The US tariff threat on countries buying Venezuelan crude oil is also a factor.

Russia and Ukraine’s attacks on energy installations could have also resulted in the anticipated rise in crude costs, the agency said.