THE Department of Energy predicted another round of oil price increases next week, its third for the year, in as many weeks into 2024.

According to Rodela Romero, Director III of the Oil Industry Management Bureau, gasoline prices are predicted to go up by P0.65-P0.85 per liter.

Diesel on the other hand will also go up P0.45-P0.65 per liter next week. 

Kerosene on the other hand may have no movement or have a small rollback of P0.10 per liter.

This is based on the first 4 days of trading on the Mean of Platts Singapore.

The escalation of tensions in the Middle East and the OPEC’s robust growth expectations for oil demand in 2024-2025 are pushing oil prices higher, according to Romero.