The Department of Energy (DOE) warned of a potential increase in fuel prices next week, citing the continued depreciation of the Philippine peso against the US dollar.
DOE Secretary Sharon Garin said initial trends in global oil trading point to a likely upward adjustment in pump prices, although data remains limited.
“Based on early trading, mukhang paakyat ang trend, kahit tatlong araw pa lang ang data. So posibleng may oil price hike tayo next week,” Garin said.
Industry sources echoed the projection, anticipating another round of price increases.
Preliminary estimates based on two days of trading in the Mean of Platts Singapore (MOPS) indicate diesel prices could rise by around P1 to P3 per liter, while gasoline may increase by about P1 to P2 per liter.
The DOE said it continues to monitor developments in the global oil market and will await final trading results by Friday to determine the exact adjustments.
Fuel firms typically announce price changes every Monday, with new rates taking effect the following day.
