Gasoline, kerosene prices seen to go up, diesel may roll back or no change next week

Motorists may have to tighten belts once again in the coming week as gasoline prices may go up, which could mark its sixth straight week of hikes.

Kerosene, likewise, may mark its seventh straight week of increase next week, while diesel may have no change or roll back slightly.

Citing industry estimates based on the four-day oil trading from August 14 to 17, Oil Industry Management Bureau Assistant Director Rodela Romero told GMA News Online that the projected price adjustments are as follows:

• Gasoline - may increase by P0.90 to P1.20 per liter
• Diesel - may have no adjustment or a rollback of P0.20 per liter
• Kerosene - may go up by P0.40 to P0.70 per liter

The projected mixed movements on fuel pump prices are “attributed to the economic slowdown of China and the gradual decline in demand, signs of resurgent of US inflation, stronger dollar, and bigger than expected draw in US inventories,” according to Romero.

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

On August 15, fuel firms implemented an increase of P1.90 per liter for gasoline, P1.50 per liter for diesel, and P2.50 per liter for kerosene.

The latest price movements brought the year-to-date adjustments to stand at a net increase of P13.40 per liter for gasoline, P8.60 per liter for diesel, and P5.14 per liter for kerosene.

Prevailing retail prices of petroleum products in Metro Manila range from P59.45 to P79.95 per liter for gasoline, P58.95 to P72.00 per liter for diesel, and P75.56 to P89.29 per liter for kerosene.—AOL, GMA Integrated News