MANILA — Diesel and kerosene prices are expected to rise by almost P2 after the long weekend, estimates show.
Diesel prices will increase by P1.60 per liter, while kerosene prices will increase by P1.80 to P1.90 per liter.
Meanwhile, gasoline prices take the smallest increase at P0.70 to P0.90 per liter.
Higher demand forecasts from the United States and Organization of Petroleum-Exporting Countries are driving prices up, according to authorities.
The DOE said a sharper than expected drop in US crude inventories, uncertainties over the timing of the US Fed Reserves on the interest rate cut, the reduced Saudi exports to China and potential US reserve purchases may also send prices higher.
