Brace for Impact: Gas Prices Going Up by More Than ₱1 Per Liter Next Week Because of US-Iran Tensions
Your weekly fuel budget is about to take another hit. The Department of Energy announced Friday that pump prices are expected to increase across the board next week, with gasoline leading the way at a projected ₱1.10 per liter hike.
Diesel is expected to rise by around ₱0.50 per liter, while kerosene will see an estimated ₱0.90 per liter increase. The projections are based on the four-day Mean of Platts Singapore (MOPS) trading, which serves as the benchmark for local fuel pricing.
DOE-Oil Industry Management Bureau assistant director Rodela Romero pointed to the escalating US-Iran situation as the main driver. 'Crude lacks direction as market looks to US-Iran talks held yesterday in Geneva. This was the 3rd round of talks made by the two countries,' she explained.
Making things worse, the US has slapped sanctions on 12 more tankers transporting Iranian crude and continues its massive military buildup in the Middle East. These moves are keeping global oil prices elevated and pushing the cost of petroleum products upward — and Filipino motorists are paying the price.
Final adjustments will be determined after Friday's MOPS trading and the incorporation of oil companies' operating costs. Oil companies typically announce official price changes every Monday for implementation on Tuesday. Magpuno na kayo ng gas this weekend — next week it's going to cost you more.
Source: GMA News
