Fuel prices to rise higherdue to ‘tensions, supply risks’

The Department of Energy expects another round of big-time oil price hike next week of as much as P1.85 per kilowatt hour due to “continued geopolitical tensions and supply risks.”DOE director for the oil industry management bureau Rodela Romero said based on the four- day trading in the Mean of Platts Singapore , there will be an increase in the pump prices of petroleum products on Tuesday.

Romero said the Ukrainian drone strike, which caused a fire at a major Russian oil terminal and Israel’s “all-out war” with Lebanon’s Hezbollah contributed to the geopolitical tension.

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