Oil prices to go up next week

MANILA, August 23 ------ The oil prices are expected to increase next week due to the United States' taxes and its geopolitical tension with Russia, said the Department of Energy.

Assistant Director Rodela Romero of the DOE Oil Industry Management Bureau said the following increases may be seen next week based on the four-day trade monitoring:

• Gasoline – P0.50/per liter

• Diesel – P0.40/per liter

• Kerosene – P0.10/per liter

Romero noted this could further increase based on the last trading day. She explained that increased oil prices is caused by the United States decreased tax last week. “Yung pagbaba ng tax ng United States for the week ending on Aug. 15 na sinasabi po nila, mataas yung kanilang refinery demand,” she said.

The geopolitical tension between US and Russia also continues to cause increases in the oil prices, especially since the two countries' Presidents Donald Trump and Vladimir Putin failed to secure a peace deal during the Alaska summit. US aside, Romero noted that Russia is also the third-largest oil supplier, making oil prices reactive to its political activities.

Source: news.abs-cbn.com