FUEL prices are expected to rise next week, with gasoline and diesel likely to see increases of up to P0.45 per liter while kerosene prices are projected to slightly decline.

The Department of Energy's Oil Industry Management Bureau (DOE-OIMB) has forecasted an increase of P0.15 to P0.45 per liter for gasoline and P0.10 to P0.40 per liter for diesel.

In contrast, kerosene prices are expected to drop by P0.20 to P0.30 per liter.

These estimates are based on four days of trading in the international oil market, which have shown signs of price fluctuations.

DOE-OIMB Assistant Director Rodela Romero attributed the anticipated increases in fuel prices to a bullish outlook on global energy demand.

According to S&P Global Commodity Insights, global energy demand is expected to grow significantly, with an increase of about nine million barrels of oil per day this year.

The demand is projected to rise further by more than eight million barrels per day in 2025, adding pressure to fuel prices worldwide.

The final price adjustments will be determined by Friday's trading, with the DOE set to announce the official changes on Monday.

These adjustments will take effect the following day.(CMM)

• Tags
• #Fuel Prices
• #Gasoline
• #Diesel
• #Kerosene
• #Department of Energy
• #Oil Industry Management Bureau
• #Rodela Romero
• #Energy Demand