Motorists may see higher fuel costs this week, with diesel and kerosene prices increasing by more than P3 per liter (L), according to the Department of Energy. Energy Secretary Sharon S. Garin announced the adjustment in a briefing on Monday, as reported by BusinessWorld.
For gasoline, the price direction is less certain. Garin said gasoline prices may either roll back by as much as P1.75 per liter or increase by up to an unspecified amount, depending on global market movements. The mixed outlook reflects volatility in international oil prices.
The impending fuel price hike is expected to weigh on consumers and transport operators, adding to inflationary pressures. The DOE advises the public to monitor official announcements from oil companies for final pump prices.