Fuel prices on the rise: what motorists can expect next week

National

ANOTHER week, another hike.

Diesel prices are projected to surge yet again, continuing a streak of increases that now stretches into its seventh week, as supply uncertainties and global geopolitical tensions put upward pressure on fuel costs.

“Diesel price has found support from weather-related supply and demand issues, as well as the continued geopolitical tension in the Middle East that directly affects supply dynamics,” Jetti Petroleum president Leo Bellas said in a Friday, Feb.6, advisory per a report by Inquirer.net.

He added that diesel could rise by 80 centavos to P1 per liter, while gasoline prices are also expected to increase by 30 to 50 centavos per liter. If these adjustments take effect on Feb. 10, it would mark diesel’s seventh week of price hikes and the fifth consecutive week for gasoline.

Bellas noted that the continued shift in Europe away from Russian-origin supplies is also influencing local fuel pricing.(MyTVCebu)