Big-time fuel price hike seen again next week: Over P3/liter for diesel

Motorists should brace for another round of big-time hike in fuel pump prices in the coming week, which could mark the fifth straight week of increase for diesel and kerosene and fourth for gasoline.

Citing industry estimates based on oil trading in the past four days (July 31 to August 3, 2023), Oil Industry Management Bureau Assistant Director Rodela Romero told GMA News Online that the price per liter of diesel may go up by P3.40 to P3.60.

Kerosene, on the other hand, may increase by P2.45 to P2.65 per liter while gasoline may be hiked by P0.15 to P0.35 per liter.

An oil industry source, likewise, said diesel prices may surge by P3.40 to P3.60 per liter, while gasoline prices may rise by P0.10 to P0.30 per liter.

Romero attributed the anticipated hike in fuel prices to Saudi Arabia’s announcement of a production cut.

“Oil prices jumped after Saudi Arabia said it would extend its unilateral voluntary cut of one million barrels per day into September adding that the cut could be extended or extended and deepened,” she said.

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

Effective Tuesday, August 1, fuel firms implemented an increase of P2.10 per liter for gasoline, P3.50 per liter for diesel, and P3.25 per liter for kerosene. 

The latest price movements brought the year-to-date adjustment to stand at a net increase of P11 per liter for gasoline and P3.10 per liter for diesel.

Kerosene, meanwhile, recorded a year-to-date net decrease of P0.10 per liter.

Data from the Department of Energy’s prevailing retail price monitoring in Metro Manila, as of July 28, showed that gasoline prices range from P55.00 to P79.07 per liter, diesel prices range between P49.95 and P67.23 per liter, kerosene prices range from P67.45 to P80.10 per liter. — RSJ, GMA Integrated News