Oliver Bugarin 8 0 0 3 min to read

Prepare for a rise in fuel prices next week: DOE

Next week, fuel costs are anticipated to increase, according to the Department of Energy (DOE).

Due to the increased demand for petroleum products, fuel prices are anticipated to increase, according to Assistant Director Rodela Romero of the DOE’s Oil Industry Management Bureau, who spoke at the “Laging Handa” briefing.

Romero said that the cost of fuel and kerosene might climb by PHP5 per liter, while the cost of gasoline could rise by “more than” a peso per liter.

While we don’t want to disclose an exact price, she said, “it [the increase] would be bigger” next week. “Bagama’t ayaw namin magbigay ng exact na price pero siguro medyo may kalakihan para sa,” she added.

Romero claimed that market trading determines the price of fuel.

So, she remarked, “Let’s wait to see what the impact would be on trade on adjustment on Tuesday. Hintayin po natin kung ano iyong magiging impact nitong trading na ito.”

Oil companies typically announce price changes for petroleum products every Monday and put them into effect the following day.

Based on DOE statistics, fuel companies increased the price of fuel per liter by PHP0.70 for gasoline, PHP2.60 for diesel, and PHP2.80 for kerosene as of August 23.

Following the most recent increases in oil prices, the year’s overall adjustments have seen a net increase of PHP18.15 for gasoline, PHP31.70 for diesel, and PHP27.10 for kerosene per liter.

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