Oil company Unioil Petroleum Philippines on Saturday said motorists will have to brace for yet another fuel price hike next week.
Unioil, in a forecast, said diesel may go up by 80 to 90 centavos per liter while gasoline is expected to cost 20 to 40 centavos more per liter.
The price adjustments are expected from Jan. 16 to 22, the oil company added.
Reports earlier said the attacks on commercial ships in the Red Sea have affected the global supply chain, including the cost of petroleum products.
Department of Energy (DOE) director for the oil industry management bureau Rodela Romero said the “reasons for the increase is on concerns about escalating conflict in the Middle East with more attacks on Gaza and the shipping issue in Red Sea.”
The official added that “factors such as an increase in the inventory of crude and products by the US, oil demand worries by big economies, and the rising OPEC supply steadied oil prices for the last week.”
On Jan. 9, local oil companies implemented an increase in the price of gasoline, diesel, and kerosene by P 0.10 per liter.
The total adjustment of diesel, and kerosene stands at net decrease of P0.25 per liter, and P1.30 per liter, respectively to date.