MOTORISTS better gas up now as fuel prices are set to increase next week.

According to industry experts, gasoline may increase by P1.10 to P1.30 per liter for gasoline while diesel prices may shoot up to P0.10 to P0.30 per liter.

Fortunaley, kerosene prices may decrease by around P0.25 per liter.

The projection could still change as it does not yet include oil companies’ operating costs and other premiums.

As usual, final price adjustments will be announced on Monday and will take effect the following day.

Rodela Romero, assistant director at the Department of Energy, said the possible increase is due to escalating geopolitical tensions, particularly Ukraine’s recent attack on Russia’s oil infrastructure.

“Asian gasoline prices, on the other hand, remain supported by tight supply and robust regional demand. Gasoline exports from regional refiners have remained low, dragged down by lower volumes out of China and South Korea,” Jetti Petroleum president Leo Bellas said in a Philstar report.

Last Tuesday, diesel and kerosene prices went down by P2.90 and P3.20 per liter, respectively, while gasoline increased by P0.20 per liter.(MyTVCebu)

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• #diesel
• #kerosene
• #Department of Energy
• #Rodela Romero
• #Jetti Petroleum
• #Leo Bellas
• #price hike
• #oil
• #energy sector
• #Philippines
• #price adjustment
• #supply and demand
• #Ukraine-Russia conflict