Fuel prices seen to go up next week

After five straight weeks of slashes in the pump prices of diesel and kerosene and two weeks for gasoline, retail prices of petroleum products are expected to increase in the coming week.

“May indikasyon na mukhang magkakaroon ng increase next week (There’s an indication that there will be a price increase next week),” Oil Industry Management Bureau Director Rino Abad said during state-run PTV’s public briefing on Friday.

Abad said that based on the oil trading in the past four days, the price per liter of diesel may increase by more than P4, while gasoline may go up by less than P1 per liter.

For kerosene, the Energy official said the projected price hike could be more than P2 per liter.

An oil industry source, likewise, said that diesel prices may rise by P4.40 to P4.70 per liter and gasoline prices may go up by P0.40 to P0.70 per liter.

Abad cited the decision of the OPEC (Organization of Petroleum Exporting Countries) Plus coalition to cut oil production by 2 million barrels in support of declining oil prices due to US’s aggressive interest rate hikes as the major factor for the expected price hike.

Oil companies usually announce price adjustments every Monday, to be implemented the following day.

On October 4, fuel firms slashed the price of gasoline by P0.40 per liter, diesel by P0.45 per liter, and kerosene by P0.85 per liter.

The latest price movements brought the year-to-date adjustments to stand at a net increase of P14.45 per liter for gasoline, P28.95 per liter for diesel, and P23.25 per liter for kerosene.

Data from the Department of Energy, as of October 6, showed the price per liter of gasoline range from P60.70 to P71.05 per liter in Quezon City, Metro Manila’s largest city; diesel prices range from P69.60 to P74.25 per liter in Makati City, the country’s top financial hub; while in Philippine capital Manila, kerosene prices range from P73.76 to P83 per liter.—AOL, GMA News