Big-time fuel price hike next week looms, over P6/l for diesel

Motorists will be greeted with a hefty increase in the pump prices of petroleum products in the coming week, according to industry projections.

Citing trading in the past five days (October 3 to 7), an oil industry source told GMA News Online that the price per liter of diesel may increase by P6 to P6.30.

Gasoline prices, meanwhile, may go up by P1.10 to P1.40 per liter.

Oil Industry Management Bureau Director Rino Abad earlier cited 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 adjustment 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. —LBG, GMA News