MANILA, Philippines — Fuel prices are expected to soar next week as attacks in the Strait of Hormuz, and on oil infrastructure in the Middle East have intensified, local oil industry sources said on Friday.
They said that diesel prices would increase between P10 and P10.50 per liter and gasoline between P4.50 and P5 per liter.
These estimates are based on the 4-day trading of Mean of Platts, Singapore, the pricing basis of refined goods in Southeast Asia.
This will also be the third straight week where diesel and gasoline prices are expected to increase.
This week, and based on available price adjustment bulletins, diesel prices jumped by up to P4.40 per liter and gasoline by up to P5.70 per liter.
