Gas prices in the Philippines set to rise

Oil companies in the Philippines are expected to raise local fuel prices next week due to increasing tensions in the Middle East. Industry sources report that gasoline prices may go up by around one peso per liter. Jetti Petroleum estimates a rise in diesel prices by 40 to 60 centavos per liter, while gasoline could increase by one to 1.20 pesos. Unioil also predicts higher prices, suggesting that diesel could rise by 20 to 40 centavos, and gasoline by 80 centavos to one peso. The Department of Energy (DOE) has indicated similar projections. They expect gasoline prices to rise by 60 centavos to one peso per liter and diesel by 10 to 50 centavos. Kerosene prices are also expected to see a small increase of 10 to 30 centavos. Rodela Romero, an official at the DOE, noted that rising tensions from recent U.S. military actions in the Middle East are contributing factors to these price increases. Additional influences include China's plans to increase domestic consumption and decreased fuel inventories in the U.S. Despite last week's gas price stability, diesel and kerosene prices were reduced by 20 and 40 centavos per liter, respectively. Year-to-date, gasoline prices have increased by 2.15 pesos per liter, while diesel has gone up by 2.85 pesos. Kerosene prices have decreased by 70 centavos per liter. Oil companies typically announce price changes over the weekend before they take effect, usually on Tuesdays.