Fuel prices to go up next week

After a round of rollbacks, motorists should brace for an increase in fuel pump prices in the coming week, local industry sources said Friday.

Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero told GMA News Online that based on the past four-day trading, “[T]here will be an increase in the prices of petroleum products next week.”

Likewise, an oil industry source said that results of the oil trading from June 5 to 8 show that there may be a per liter increase of P1.00 to P1.30 in the prices of diesel.

Meanwhile, gasoline prices may go up by P0.80 to P1.10 per liter.

Romero attributed the possible price hike on fuel products to OPEC+’s, particularly Saudi Arabia’s, announcing a reduction in the output target that will take effect from July 1 in a bid to prop up prices.

However, she said that persistent economic uncertainty still weighs on the outlook for demand, adding that Saudi’s cut announcement may soon fade “and the reality of the sluggish demand backdrop sets in.”

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

Effective Tuesday, June 6, oil companies implemented a per liter reductions on the prices of gasoline by P0.60, diesel by P0.30, and kerosene by P0.60.

The latest price movements brought the year-to-date adjustments to stand at a net decrease of P5.35 per liter for diesel and P7.35 per liter for kerosene. Gasoline has a year-to-date net increase of P5.50 per liter.—LDF, GMA Integrated News