Fuel prices seen to go up by about P1/liter next week

After consecutive rounds of rollbacks, motorists should brace for a hike in the retail prices of petroleum products next week.

Citing industry estimates based on oil trading in the last four days, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said the estimated upward adjustments are as follows:

Gasoline - P0.65 to P0.90 per liter

Diesel - P0.95 to P1.10 per liter 

Kerosene - P0.95 to P1.10 per liter 

“Oil prices surge at the early part of the week driven by the fear for an escalating Middle East tension that could threaten production in one of the world’s major oil sources as Iran vows retaliation,” Romero said.

“The easing of the US monetary policy and the fear that subside on the possible US recession added to the bullish part of oil price,” she said.

The Energy official added that the Organization of Petroleum Exporting Countries (OPEC) expressed an optimistic outlook on the demand for fuel.

Oil companies regularly announce the official performance liter price adjustments every Monday, to be implemented on the following day.

Effective Tuesday, August 13, fuel firms slashed the prices per liter of gasoline by P2.45, diesel by P1.90, and kerosene by P2.40.

The latest price movements marked the third straight week of downward adjustments for gasoline, and the fifth for both diesel and kerosene. —VAL, GMA Integrated News