The Department of Energy (DOE) has forecasted a price adjustment of fuel starting Tuesday, April 22.
The looming price hike was based on the four-day trading in the international oil market.
The agency said it expects a price increase on gasoline ranging from P0.90 to P1.30 per liter; diesel from P0.85 to P1.35 per liter; and kerosene from P0.90 to P1 per liter.
The probable increase comes after a series of rollbacks during the Holy Week.
Fuel firms cut the prices of gasoline, diesel and kerosene prices by P3.60, P2.90 and P3.30 per liter, respectively.
The DOE Oil Industry Management Bureau said that the expected price adjustments are due to the tightening of global supply caused by new US sanctions on Iran, coupled with the Organization of the Petroleum Exporting Countries+'s plan to slash oil production to offset output hikes in May.
The price adjustments bring the year-to-date net increase of gasoline and diesel at P0.95 and P1.55 per liter, respectively.
The price of kerosene went down by P2.90 per liter at the beginning of this year.