Motorists across the Philippines should brace for a sharp increase in fuel prices next week, as the Department of Energy (DOE) projects steep hikes reaching over ₱4 per liter for certain petroleum products.
Based on the DOE's forecast, diesel prices may rise by ₱4.30 to ₱4.80 per liter.
For kerosene, the expected increase ranges from ₱4.25 to ₱4.40 per liter.
Meanwhile, gasoline prices are also projected to go up by ₱2.50 to ₱3.00 per liter.
The DOE said the significant price hike is mainly due to ongoing tensions between Israel and Iran, which pose a threat to vital global shipping routes.
The DOE has earlier appealed to oil companies to implement the price adjustments gradually to help lessen the impact on affected sectors such as transportation and logistics.
However, the final adjustments may still change depending on the movement of global oil prices in the last trading day this Friday.
