MANILA, Philippines — A huge increase in fuel prices is expected next week due to the ongoing conflict between US and Iran, local oil industry sources said on Friday.
They said that diesel prices were estimated to spike by about P9.50 to P10.50 per liter, while gasoline is expected to jump by around P3.50 to P4.50 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.
Diesel and gasoline prices this week increased by P4.60 and P1 per liter respectively.
