Motorists are advised to brace for a possible hike in fuel prices next week.
Based on the four-day Mean of Platts Singapore (MOPS) benchmark, gasoline rates may increase by approximately P1.50 per liter, while diesel prices are expected to rise by around P1.00 per liter.
Kerosene, on the other hand, will see a potential spike of around P0.80 per liter.
According to the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB), possible supply disruptions could drive next week’s prices.
Rodela Romero, OIMB director, said that there could be “renewed concerns over supply disruptions following US (United States) President Trump’s sanctions on Russia and Iranian Oil.”
While the US has yet to apply full pressure on the Russian oil sector, the US is planning to propose stricter sanctions, including a possible 100 percent tariff rate on countries that would purchase Russian oil. (Gabriell Christel Galang)
