MANILA, Philippines — Motorists should prepare for another round of fuel price hikes next week as the Department of Energy (DOE) warned that early trading trends point to higher pump prices amid the weakening peso against the US dollar.

DOE Secretary Sharon Garin said initial data from the Mean of Platts Singapore (MOPS) shows upward movement in global oil prices, while the peso’s depreciation — hitting ₱61.57 against the dollar — is amplifying import costs. “Mukhang yung trend so far… pero mukhang paakyat siya. So baka may oil price hike tayo next week,” Garin explained.

Industry estimates suggest diesel prices may rise by ₱1 to ₱3 per liter, while gasoline could increase by ₱1 to ₱2 per liter. Final adjustments will be announced by fuel companies on Monday, with implementation on Tuesday.

The expected hike comes after three consecutive weeks of rollbacks, including a major ₱12.94 per liter cut in diesel prices on April 28. Analysts warn that the peso’s weakness, combined with volatile global oil markets, could push inflation higher in the coming months.

Transport groups expressed concern that rising fuel costs may once again pressure public utility fares, while households brace for possible increases in food and electricity prices due to higher logistics and power generation expenses.

The DOE assured the public that it continues to monitor global trading and currency movements closely, emphasizing that the government’s priority is to balance consumer protection with market realities.

This looming price adjustment underscores the Philippines’ vulnerability to global oil shocks and currency fluctuations, reminding motorists and businesses alike of the need to prepare for volatile fuel costs in the weeks ahead.