NOT so good news for motorists.

Gasoline, diesel, and kerosene prices are expected to rise again next week, signaling the fourth price hike in the past five weeks.

The Department of Energy (DOE) has forecasted increases ranging from P0.70 to P0.90 per liter for gasoline, P0.70 to P1.00 per liter for diesel, and P0.60 to P0.70 per liter for kerosene, based on the latest four-day trading data from the global oil market.

DOE-Oil Industry Management Bureau Assistant Director Rodela Romero, in a report by Philippine Star, attributed the price hike to ongoing geopolitical tensions, particularly between Russia and Ukraine.

These tensions have continued to "dominate market sentiment," she said.

Russia, which was the third-largest oil producer in 2023, accounted for 11% of global oil production, according to the U.S. Energy Information Administration.

Romero also highlighted concerns over the potential for plant closures and production cuts in Russia's oil refinery sector, which has faced heavy losses in recent months.

In addition to geopolitical factors, Jetti Petroleum President Leo Bellas pointed to concerns over an oversupplied oil market in the coming months, which is also pushing prices upward.

The final adjustments to domestic pump prices will be determined by oil market trading over the next few days.

The DOE is expected to announce the official price hike on Monday, with the new prices set to take effect the following day.(CMM)

• Tags
• #Oil Price Hike
• #Department of Energy
• #Gasoline
• #Diesel
• #Kerosene
• #Global Oil Market
• #Russia
• #Geopolitical Tension
• #Jetti Petroleum