Fuel pump prices seen to go up again next week

Motorists should tighten belts once more as prices of petroleum products are expected to be hiked for another round next week, according to local oil industry sources.

Citing industry estimates based on oil trading in the past four days (August 28 to 31), Department of Energy-Oil Industry Management Bureau (DOE-OIMB) Assistant Director Rodela Romero told GMA News Online that the following adjustments could be implemented in the coming week:

• Gasoline - may increase by P0.20 to P0.40 per liter
• Diesel -  may go up by P0.80 to P1.00 per liter
• Kerosene - may be hiked by P0.90 to P1.10 per liter

Another oil industry source, likewise, said the price per liter of diesel may rise by P0.70 to P1.00, while gasoline prices may increase by P0.20 to P0.50 per liter.

The anticipated fuel price hikes could mark the eight straight week of upward adjustments for gasoline, and the ninth for both diesel and kerosene.

Romero said that the projected price movements might still change depending on results of the last day of trading for the week.

“We will be expecting another round of increase on the prices of petroleum products. This is attributed to China's stimulus measure to alleviate fuel demand, the hurricane Idalia that hit the oil production and power generation facilities in the US Gulf of Mexico, and US government data showing tighter expected crude supplies,” the DOE official said.

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

On Tuesday, August 29, fuel firms hiked the per liter prices of gasoline by P0.30, diesel by P0.70, and kerosene by P0.80, marking the seventh straight week of upward adjustments for gasoline and the eighth for both diesel and kerosene.

The latest adjustment resulted in a to-date net increase of P14.80 per liter for gasoline, P9.50 per liter diesel, and P6.64 per liter for kerosene.

Prevailing retail prices in Metro Manila, based on the DOE’s monitoring, showed gasoline prices range between P60 and P81.05 per liter, diesel range from P58.95 to P72.20 per liter, and kerosene between P76.65 and P89.30 per liter.—AOL, GMA Integrated News