MANILA — Fuel consumers should brace for another round of pump price adjustments this week, with diesel and kerosene costs expected to increase while gasoline prices could either go up or down, the Department of Energy (DOE) said.
For the week starting July 14, the DOE’s projected adjustment range indicates that gasoline prices may decrease by as much as P1.00 per liter or increase by the same amount.
Diesel prices are likely to climb between P2.62 and P4.62 per liter, while kerosene prices may rise from P2.22 to P4.22 per liter.
Oil companies will announce their respective adjustments, which will take effect on Tuesday, July 14.
DOE Secretary Sharon Garin attributed the anticipated increases to continuing tensions in the Gulf region, particularly concerns surrounding the Strait of Hormuz, a major route for global oil shipments.
“The threats to navigation in the Strait of Hormuz have reinforced concerns over supply disruptions, resulting in higher international crude prices that are being felt locally,” Garin said.
She also noted that the DOE may shift to announcing a fixed price adjustment rather than a range if global oil market fluctuations continue.
The uncertainty follows recent military exchanges involving US and Iranian forces, which have heightened concerns over energy supply routes in the region.
elamigo/xf
