As Holy Week draws near, expectation of potential increase in oil prices

Oil companies in the Philippines are gearing up for fuel price increases over the upcoming Holy Week period. Market indicators suggest that gasoline prices could rise by as much as P2.40 per liter, while diesel prices might see a maximum increase of P1.75 per liter. Kerosene prices are also expected to climb, with projections indicating a potential hike of up to P1.50 per liter.

Rodela Romero, Director of the Department of Energy’s Oil Industry Management Bureau, attributes this anticipated price surge to several factors. These include a decrease in crude exports from Iraq, the withdrawal of gasoline and crude stockpiles from the United States, and speculation surrounding the impact of recent attacks on Russian refineries in Ukraine.

This follows a series of mixed adjustments in pump prices by oil firms last Tuesday, indicating ongoing volatility in the fuel market. As Holy Week approaches, consumers are advised to stay informed about potential price changes and plan their travel budgets accordingly.

Business News: As Holy Week draws near, expectation of potential increase in oil prices