MANILA – Diesel, gas, and kerosene prices are forecast to increase next week, estimates showed, as the world continues to bear the consequences of a tight petroleum supply amid the Russia-Ukraine conflict.
The cost of diesel is forecast to go up between P2.40 and P2.70 per liter, while kerosene prices could increase from P1.60 to P2 per liter starting on Tuesday.
If the price hike is implemented, diesel prices will have increased by nearly P13 in the past 3 weeks; the cost of diesel went up by P4.30 last week.
Gasoline prices, meanwhile, could increase between 0.30 to P0.60 per liter, industry sources said.
The oil-price hike did not account of premium charges. This means that petroleum prices next week may be higher than estimates.
US President Joe Biden said the economy is in "a time of war," referring to the global fallout from President Vladimir Putin's invasion of Ukraine and subsequent sanctions against energy exporter Russia.
The rising fuel prices has also been attributed to the European Union's partial ban of imports from Russia and the easing of restrictions in China.
— with a report from Agence France-Presse