AFTER enjoying recent pump price rollbacks, drivers could soon face higher fuel costs, with forecasts indicating upward adjustments for several petroleum products next week.

Jetti Petroleum Inc. president Leo Bellas said gasoline prices could remain unchanged or rise by as much as P0.10 per liter, while diesel prices are projected to increase by around P0.30 to P0.50 per liter.

The Department of Energy likewise said kerosene prices are expected to go up by about P0.10 per liter.

The projections are based on movements in the Mean of Platts Singapore benchmark and foreign exchange rates during the trading week, compared with the previous week.

“Oil prices have been supported by geopolitical developments as the tougher US sanctions enforced on Venezuela and intensified attacks by Ukraine on Russian oil infrastructure have raised the risk of supply disruptions,” Bellas said in a Philstar report.

Oil companies are expected to announce fuel price adjustments on Monday, with changes taking effect the following day.

The possible increases come after oil firms implemented rollbacks earlier this week, lowering gasoline prices by P0.80 per liter, diesel by P1.30 per liter and kerosene by P1.60 per liter.(MyTVCebu)

• Tags
• #Fuel price hikes
• #Jetti Petroleum Inc.
• #Leo Bellas
• #gasoline
• #diesel
• #kerosene
• #Department of Energy
• #Mean of Platts Singapore
• #foreign exchange rates
• #US sanctions
• #Venezuela
• #Ukraine
• #Russian oil infrastructure
• #oil companies