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The Department of Energy does not expect a spike in domestic fuel prices in the wake of the worsening conflict between Iran and Israel, but continues to monitor developments in the world oil market.
Oil companies announced Monday that pump prices will go up by P0.95 per liter for diesel, P0.85 per liter for kerosene, and P0.40 per liter for gasoline effective 6 a.m. April 16 to reflect the movement of prices in the world market. “So the average of the previous week would be around $89 per barrel. So last week, the average was around $90. It has not spiked up so high but it’s consistently increasing,” Abad said.He said world oil prices have followed the movement of the Organization of Petroleum Exporting Countries , which has been cutting back on production to shore up oil prices.
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