FUEL prices are expected to go up again on Tuesday for the second week in a row due to geopolitical events influencing price movements.
According to oil industry sources on Friday, both gasoline and diesel prices will go up from 85 centavos to P1.15 per liter, and by about P1.55 to P1.85 per liter, respectively.Kerosene prices will follow the same trend with an estimated increase range from P1 to P1.10 per liter.These estimates are based on the four-day trading of the Mean of Platts Singapore, the pricing basis of refined goods in Southeast Asia.
'Relevant news for the week that pushed oil prices up are the continued geopolitical tensions and supply risks as of last June 18, a Ukrainian drone strike caused a fire at a major Russian oil terminal while the Israel's 'all out war' with Lebanon's Hezbollah also contributed to global tension,' DoE-OIMB Director Rodela Romero said.
Prices To Increase Once Again Next Week
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