Another hike is expected next week in the pump prices of gasoline and diesel, according to the Department of Energy-Oil Industry Management Bureau (DOE-OIMB) on Friday.
The bureau’s assistant director, Rodela Romero, said that based on the four-day trading in Mean of Platts Singapore and estimated relevant expenses, the following are the expected movements in the prices of petroleum products:
This will be the fifth straight week of price hikes for gasoline and the fourth straight week for diesel.
Romero said the possible pump price adjustments can be attributed to the geopolitical tension brought by the Israeli attack in Doha, Qatar targeting Hamas leaders and the Russian drone incursion into Poland’s airspace.
Aside from this, the expected hike in the prices of petroleum products can also be attributed to the United States tariffs opening new trade opportunities for the shipping industry as well as the OPEC+ raising its production at a lower rate than expected.
Fuel firms announce official price adjustments every Monday, to be implemented on the following day. — VAL, GMA Integrated News
