Fuel prices expected to increase next week

Motorists should prepare for higher fuel prices next week. This follows several weeks of price decreases. The Department of Energy has reported that global trading trends indicate a rise in petroleum prices. Fuel prices are expected to increase as follows: gasoline may go up by P0.60 to P1.00 per liter, while diesel could rise by P0.10 to P0.50. Kerosene prices are projected to increase by P0.10 to P0.30. The final adjustments will be confirmed after trading on Friday. Recent global events are contributing to this anticipated increase. Tensions have risen in the Middle East after the US conducted military strikes. Additionally, China has introduced fiscal measures to boost its economy. There is also a reported decrease in US fuel inventories. Fuel companies announce price changes every Monday, taking effect the next day. Recently, on March 18, oil firms reduced prices by P0.20 for diesel and P0.40 for kerosene, marking a decrease for three consecutive weeks. However, gasoline prices remained unchanged during this period. So far this year, gasoline has seen a total increase of P2.15 per liter, diesel has increased by P2.85, and kerosene has decreased by P0.70 per liter, according to Energy Department data.