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MANILA, Philippines - Fuel prices are expected to increase by P1.25-1.50 a liter next week, when the European Union begins implementing an embargo against major oil producer Iran, the Department of Energy said Friday.
The "certain" increase will end 13 weeks of price rollbacks.
Beginning July 1, Germany, Italy, The Netherlands, France, Spain and Greece stopped buying crude from Iran, which the West has accused of continuing to develop nuclear weapons.
"Sigurado na yung increase. Lampas piso (The increase is certain. It will be more than a peso)," DOE Director Zenaida Monsada said.
Tensions with Iran are expected to increase after it test-fired a missile.
Monsada said oil prices have been increasing since Monday.
But she said next week’s increase is still far lower than the net rollback of P3.92 a liter for gasoline and P4.76 for diesel.
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