Fuel price hike seen next week

Motorists should buckle up as fuel pump prices might go up for another round 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 price per liter of gasoline may go up by P0.45 to P0.65.

Diesel prices, meanwhile, may increase by P0.35 to P0.55 per liter while kerosene prices are seen to go up by P0.45 to P0.60 per liter.

Romero said Friday’s trading will complete the final computation on the per liter adjustments to be implemented next week.

“The estimated increases in the prices of petroleum products for next week are attributed to the OPEC+ production cut where analysts are awaiting the June 1 meeting that will focus on their output policy; a stronger dollar that makes crude oil more expensive for non-dollar economies and the rebound in demand from China,” Romero said.

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

Effective Tuesday, May 21, fuel firms implemented mixed adjustments on the prices of petroleum products as gasoline was slashed by P0.10 per liter while diesel and kerosene were hiked by P0.25 and P0.30 per liter, respectively.

Year-to-date adjustments stand at net increase of P7.15 per liter and P4.45 per liter for gasoline and diesel, respectively.

Kerosene, on the other hand, has year-to-date a net decrease of P1.35 per liter. —KBK, GMA Integrated News