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After a round of big-time reductions, the retail prices of petroleum products are expected to go up next week.Citing industry estimates based on international oil trading in the past four days, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said domestic pump prices are expected to increase.The estimated adjustments are as follows: Gasoline - P0.20 to P0.45 per liter Diesel - no adjustment to increase of P0.20 per liter Kerosene - P0.45 to P0.
The anticipated per liter hikes in fuel prices could be attributed to “combination of escalating geopolitical tensions and a sudden halt in Libyan oil production/exports sent shockwaves through global markets,” according to Romero.“Market looking the turn of US Federal Reserve into its rate cut cycle from September which has lifted the outlook for global economic activity and crude demands.
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