Fuel price hike expected next week

Motorists should brace anew for another round of increase in the retail prices of petroleum products to be implemented on the coming week.

Citing industry estimates, based on international trading in the past four days, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said that “domestic pump prices are expected to increase next week.”

The estimated pump price adjustments are as follows:

• Gasoline - P0.30 to P0.60 per liter 
• Diesel - P0.65 to P0.90 per liter 
• Kerosene - P0.40 to P0.50 per liter 

The Energy official cited the following developments which influenced the movement in petroleum prices:

• Uncertainty in supply underpinned by an escalation in Middle East hostilities
• Latest economic stimulus of China, offsetting weak demand growth from Europe
• US crude inventory draw is a bullish signal indicating tightening global supplies

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

Effective Tuesday, September 24, fuel firms hiked the per liter prices of gasoline and diesel by P1.20 and P0.20, respectively. 

Meanwhile, there was no movement implemented on the per liter price of kerosene.

The latest price movements brought the year-to-date total adjustment of gasoline and diesel to stand at a net increase of P5.85 per liter and P1.95 per liter, respectively.

Kerosene prices, on the other hand, stand at a year-to-date net decrease of P6.35 per liter.

In Metro Manila, the prevailing retail prices of gasoline range from P50.30 to P71.45 per liter, diesel ranges from P45.44 to P60.20 per liter, and kerosene from P66.25 to P77.65 per liter, according to latest data from the DOE’s price monitoring. —KBK, GMA Integrated News