MANILA, Philippines — Pump prices of gasoline will likely increase while those of diesel and kerosene may go down next week, according to the Department of Energy (DOE).
Local oil companies are seen raising gasoline prices by P0.45 to P1 per liter . However, they are expected to roll back the prices of diesel by P0.60 to P0.75 per liter and by P0.75 to P0.85 per liter for kerosene.
In a Laging Handa briefing, DOE Assistant Director Rodela Romero said the price forecast could still change depending on the outcome of today’s (Friday) trading.
The expected increase in prices of certain petroleum products can be attributed to strong demand in the world market during the winter season and supply concerns due to the continuing conflict between Russia and Ukraine.
Europe races to prepare for energy crunch this winter
Rising inflation in most countries, which may lead to a global recession, may dampen demand for oil and petroleum products and result in the lowering of their prices, Romero said.
Philippine inflation hit 7.7 percent in October, the highest since December 2008.
Philippines inflation near 14-year high; more rate hikes seen
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