Big-time fuel price hike expected next week

Motorists should brace for higher pump prices across the three main petroleum products in the coming week.

Citing oil trading in the past four days, Department of Energy-Oil Industry Management Bureau Director III Rodela Romero said the per liter prices of gasoline, diesel, and kerosene may go up.

The estimated adjustments are as follows:

• Gasoline - P0.90 to P1.20 per liter
• Diesel - P1.20 to P1.40 per liter
• Kerosene - P1.10 to P1.30 per liter

The Energy official said results of Friday’s trading “would determine the final [price] adjustments.”

The expected pump price hikes could be attributed to “fears of a wider conflict in the Middle East, especially the Israel-Hamas [war] might spread to include Iran,” according to Romero.

Other factors influencing global oil trading are Ukraine’s attack in Russia’s oil refineries, the OPEC’s decision to continue its policy on production cut, and signs of stronger economic growth in US and India.

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

Effective Tuesday, April 2, fuel firms hiked the prices per liter of gasoline by P0.45, while slashing those of diesel by P0.60 and kerosene by P1.05. — RSJ, GMA Integrated News