Fuel prices seen to go up big-time next week

Pump prices of petroleum products were expected to go up big-time next week, which would mark the seventh consecutive week of price hikes.

In its fuel price forecast for the October 12 to 18 trading week, Unioil Petroleum Philippines said the price per liter of diesel could increase by P1.40 to P1.50.

Gasoline prices, meanwhile, were seen to hike by P1.20 to P1.30 per liter.

Oil companies usually announce price adjustments every Monday to be implemented in the morning of the following day.

Effective October 5, 2021, oil companies implemented a price hike of P1.45 to P1.50 per liter for gasoline and P2.00 to P2.10 per liter for diesel.

Year-to-date adjustments stand at a total net increase of P16.55 per liter for gasoline and P15.00 per liter for diesel, according to the latest data from the Department of Energy. — DVM, GMA News