Motorists may face another steep increase in fuel prices next week, with diesel prices potentially rising by as much as P10.50 per liter.
An oil industry source told DZRH that the projected increase in diesel prices could range from P10 to P10.50 per liter, while gasoline prices may go up by P5 to P5.50 per liter.
The estimates are based on four days of trading in the global oil market. However, the projected adjustments could still change following the final trading day on Friday.
Energy Secretary Sharon Garin earlier said a P20 to P30 per liter increase in fuel prices is unlikely.
Garin, however, noted that fuel prices could continue to rise amid ongoing tensions in the Middle East, with no clear signs yet of a decline in global oil prices.
The final price adjustments are expected to be announced by oil companies early next week.
