Fuel price hike seen next week

The retail prices of petroleum products are expected to increase next week, according to the Department of Energy-Oil Industry Management Bureau on Friday.

DOE-OIMB assistant director Rodela Romero said the following are the possible increase in the prices of oil products:

• Gasoline - increase of P0.95 to P1.40
• Diesel - increase of P1.50 to P2.00
• Kerosene - increase of P1.30 to P1.40

Romero said the possible hike of pump prices can be attributed to the US and China agreeing to slash reciprocal tariffs on most imported goods during a 90-day pause.

The expected increase in fuel prices is also due to the US imposing sanctions on nearly two dozen firms involved in Iran’s international oil trade.

Aside from these, one of the reasons for the estimated increase of fuel products is the OPEC expecting slower 2025 oil supply growth and lower capital spending following a decline on oil prices.

Oil companies announce official price adjustments every Monday, to be implemented on the following day.—Joviland Rita/AOL, GMA Integrated News