Motorists warned of higher fuel prices amid global unrest

National

MOTORISTS may need to dig a little deeper into their pockets next week as global tensions continue to ripple through fuel markets.

Based on initial estimates, gasoline may increase by around P0.20 per liter, while diesel could go up by P0.30 to P0.50 per liter. Kerosene, however, is projected to remain steady. The final adjustments will be announced Monday and implemented the following day.

The Department of Energy (DOE) attributed the looming hike to heightened tensions in the Middle East after Israel carried out strikes on Hamas leaders in Doha, Qatar.

A separate incident involving a Russian drone’s entry into Polish airspace also contributed to higher oil trading prices, DOE-Oil Industry Management Bureau assistant director Yeng Romero said in a Philstar report.

Oil market movements earlier this week were further supported by OPEC+’s decision to raise production by only 137,000 barrels per day starting next month, far below its usual monthly hikes of more than 400,000 barrels, Jetti Petroleum president Leo Bellas noted in the same article.

The projections reflect four days of global market trading, which analysts say have consistently leaned toward upward price pressures.(MyTVCebu)