Fuel prices seen to go up big-time again next week

Motorists should brace for another round of increase in pump prices in the coming week, which could mark the fifth straight week of upward price adjustments for fuel.

Citing oil trading in the past four days, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said retail prices of petroleum products may go up as follows:

• Gasoline - by P0.75 to P0.95 per liter
• Diesel - by P1.50 to P1.70 per liter
• Kerosene - by P1.05 to P1.15 per liter

Romero said the uptrend in fuel pump prices could be attributed to “drone attacks and fires to oil facilities of Russia designed to disrupt supply lines and logistics.”

She added that the proposal to extend the OPEC+ production cut of 2.2 million barrels per day until the first quarter of 2024 also added to price pressures.

Moreover, the US Federal Reserve’s  plans to reduce interest rates to help boost economic growth and to help create demand to commodities like crude oil and China’s economic stimulus package to boost its economy economy also contributed to the uptrend. 

Fuel firms usually announce price adjustments every Monday, to be implemented on the following day.

Effective Tuesday, January 30, oil companies hiked the per liter prices of gasoline, diesel and kerosene by P2.80, P1.30 and P0.45, respectively.

The latest price hikes brought the total year-to-date adjustment of gasoline and diesel to stand at a net increase of P4.40 per liter and P2.90 per liter, respectively.

Kerosene, meanwhile, has a year-to-date net decrease of P0.05 per liter.

In Metro Manila, the prevailing retail prices — for the period January 30 to February 5 — of gasoline range from P56.60 to P79.80 per liter, diesel prices range between P52.90 and P66.00 per liter, while kerosene prices range from P72.09 to P83.48 per liter, according to latest data from the DOE’s price monitoring. —with Bernadette Reyes/KBK, GMA Integrated News