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After a round of rollbacks this week, motorists should brace for a hike in pump prices in the coming week.The estimated upward adjustments in the retail prices of fuel are as follows:Gasoline - P0.70 to P0.90 per liter Diesel - P0.70 to P1.00 per liter Kerosene - P0.60 to P0.70 per literThe estimates are based on international trading in the past four days.
Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero attributed the expected hike in petroleum prices to “escalating geopolitical situation around Russia continued to dominate sentiment, underpinning the week’s gains.”Also contributing to the increase in fuel prices were news about “Russia’s oil refinery business are at risk of plant closure amid heavy losses, lower production” and “oil production outage in Norway.
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