An increase in oil prices can be expected towards September’s end next week, following two weeks of rollbacks.

The Department of Energy (DOE)-Oil Industry Management Bureau’s Rodela Romero said gasoline may see an uptick of ₱0.40 to ₱0.90/liter. The price on diesel may stagnate or go up by ₱0.40 for every liter, and there may be no added cost to kerosene, or it could rise to ₱0.20/liter more.

Contributing factors to the price shoot-up include tensions in the Middle East, diminishing American inventory, and a Japan refinery presently under maintenance, as well as the United States Federal Reserve having lowered interest rates.