Another increase in petroleum product prices is expected next week, marking the fourth hike this month, according to the Department of Energy (DOE).

Assistant Director Rodela Romero of the DOE–Oil Industry Management Bureau said gasoline prices may go up by around ₱0.70 per liter, diesel by ₱0.35 per liter, and kerosene by ₱0.65 per liter.

Romero clarified that the figures are based only on four days of trading and do not yet include other costs such as the cost of doing business and taxes.

The DOE explained that the projected increase is due to geopolitical tensions, including the additional U.S. sanctions on Russian oil, the European Union’s discussion of its 19th Russian sanctions package, and Ukraine’s large-scale drone attacks on 361 Russian energy sites.

Romero added that the final price adjustment will still depend on the last day of trading on Friday, and oil companies will also consider the cost of doing business before setting new pump prices.