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Pump prices of petroleum products are expected to increase next week, according to the Department of Energy on Friday.The estimates are as follows: Gasoline - P1.10 to P1.40 Diesel - P1.70 to P1.90Kerosene - P1.10 to P1.20DOE Oil Industry Management Bureau Director III Rodela Romero said the estimates are based on the four-day international trading.
Romero said the oil prices increased for the past four days as the storm is expected to cut the United States output in the Gulf of Mexico, OPEC+ delayed plans to increase production in December, and US Federal Reserve plans to deliver another interest rate cut. Other contributing factors are the depreciation of peso, the premium added to the purchase of petroleum products, and the freight cost, according to Romero.
Fuel Price Hike Gasoline Diesel Petroleum Products
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