OUCH! Big-time fuel price hike expected next week

National

AFTER a series of reliefs at the pumps, motorists are facing another unwelcome surge in fuel prices next week.

The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) has projected a substantial increase across gasoline, diesel, and kerosene, reversing recent downward trends.

DOE-OIMB assistant director Rodela Romero outlined the expected adjustments: gasoline is anticipated to rise by P0.95 to P1.40 per liter, diesel by P1.50 to P2.00 per liter, and kerosene by P1.30 to P1.40 per liter.

In a GMA News Online report, Romero pointed to a confluence of international factors driving this upward shift.

A key element is the reported agreement between the United States and China to ease reciprocal tariffs on a significant portion of imported goods during a 90-day pause.

Adding to the pressure is the United States' recent move to impose sanctions on nearly two dozen firms involved in Iran’s international oil trade. Such sanctions can disrupt global oil supply dynamics, consequently pushing prices higher.

Furthermore, the Organization of the Petroleum Exporting Countries is forecasting a deceleration in oil supply growth for 2025, alongside expectations of reduced capital expenditure in the oil sector following a recent decline in crude oil prices.

Local oil companies typically announce their official price adjustments every Monday, with implementation scheduled for the following Tuesday.(MyTVCebu)