Bad news, Kapamilya. The Department of Energy is predicting a slight increase in gasoline and diesel prices next week, the third price adjustment for the year.

Rodela Romero, Director III of the Oil Industry Management Bureau, said gasoline prices could go up by P0.65-P0.85 per liter while diesel prices will also go up P0.45-P0.65 per liter next week.

Kerosene prices may have no movement or have a small rollback of P0.10 per liter, based on the first 4 days of trading on the Mean of Platts Singapore.

Escalation of tensions in the Middle East as well as OPEC’s robust growth expectations for oil demand in 2024-2025 are pushing oil prices higher, the DOE official said.