Big-time fuel price hike expected this Holy Week

Motorists should brace for higher pump prices in time for the Holy Week.

Citing estimates based on international petroleum trading in the past four days, an oil industry source said that indicative movements are “pointing to quite significant upward price movements” for next week.

The estimated upward price adjustments are as follows:

• Diesel - P1.45 to P1.75 per liter
• Gasoline - P2.20 to P2.40 per liter

Likewise, Department of Energy-Oil Industry Management Bureau Director III Rodela Romero said the past four days’ trading indicate an increase of P1.90 to P2.10 per liter for gasoline, P1.35 to P1.50 per liter for diesel, and P1.40 to P1.50 per liter for kerosene.

Results of Friday’s oil trading would give final estimates, she said.

“Oil edges higher driven by speculation surrounding the impact of Ukraine's recent assaults on Russian big three refineries; the reduction of Iraq crude exports; the big draw from US crude and gasoline stockpiles and the stronger demand and economic growth of US and China,” Romero said.

Oil companies usually announce adjustments in fuel prices every Monday, to be implemented the following day.

Effective Tuesday, March 19, fuel firms slashed the per liter price of diesel by P0.10 and hiked gasoline price by P0.10 per liter. Meanwhile, no change was implemented on kerosene.

The latest movements brought the year-to-date adjustments to stand at a net increase of P3.70 per liter for diesel and P5.55 per liter for gasoline. 

Kerosene has a year-to-date net decrease of P0.25 per liter.

In Metro Manila, the prevailing retail prices of gasoline range from P55.70 to P74.60 per liter, diesel from P57.05 to P62.30 per liter, and kerosene from P73.16 to P73.42 per liter, according to latest data from the Department of Energy's (DOE) price monitoring. —KBK/VDV, GMA Integrated News