Big-time fuel price hike seen next week

Motorists shall brace for another round of price increases in the retail prices of petroleum products in the coming week, which could mark the fourth straight week of upward price movements.

Citing industry estimates based on oil trading in the past four days, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said the price per liter of gasoline may go up by P1.95 to P2.10.

Diesel prices, meanwhile, may increase by P0.65 to P0.85 per liter while kerosene prices may be adjusted upwards by P0.20 to P0.30 per liter.

Another oil industry source said gasoline prices may be hiked by P2.10 to P2.40 per liter, while diesel prices may go up by P0.70 to P1.00 per liter.

“Estimated increase is attributed to the following relevant international oil market developments such as US crude stockpile fell; Stimulus package issued by central bank of China to inject/reinforce its economic recovery; and India to become single most important driver of oil demand growth,” Romero said.

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

Effective Tuesday, January 23, oil companies hiked the price of gasoline by P1.30 per liter and diesel by P0.95 per liter. There was no movement implemented on kerosene.

The latest price movements brought the year-to-date price adjustments to stand at a net increase of P1.60 per liter for both gasoline and diesel. Kerosene, on the other hand, stands at a net decrease of P0.40 per liter.

In Metro Manila, the prevailing retail prices of gasoline range from P54.70 to P777.85 per liter, diesel prices range between P52.20 and P68.45 per liter, while kerosene prices range from P71.64 to P83.03 per liter, according to latest data from the DOE’s price monitoring from January 23 to 25. —KBK, GMA Integrated News