Pump prices for petroleum products are expected to increase next week, according to the Department of Energy (DOE) on Friday.

The estimates are as follows:

Essence – P1.10 to P1.40

Diesel – P1.70 to P1.90

Kerosene – P1.10 to P1.20

Rodela Romero, director of the DOE’s Office of Petroleum Industry Management, said the estimates are based on four days of international trade.

Romero said oil prices have risen over the past four days as the storm is expected to reduce U.S. production in the Gulf of Mexico, OPEC+ delayed its plan to increase production in December and the U.S. Federal Reserve plans to impose a further reduction in interest rates.

Other contributing factors are the depreciation of the peso, the premium added to the purchase of petroleum products and the cost of transportation, according to Romero.

Romero, for his part, noted that “areas subject to the state of calamity must adhere to the freezing of LPG and kerosene prices for 15 days from its declaration.”

Oil companies typically announce price adjustments every Monday that will be implemented the next day.

—VAL, GMA Integrated News