Over P1/liter hike in fuel prices seen next week

Pump prices of petroleum products are expected to increase next week, according to the Department of Energy (DOE) on Friday.

The estimates are as follows:

Gasoline - P1.10 to P1.40

Diesel - P1.70 to P1.90

Kerosene - P1.10 to P1.20

DOE Oil Industry Management Bureau Director III Rodela Romero said the estimates are based on the four-day international trading.

Romero said the oil prices increased for the past four days as the storm is expected to cut the United States output in the Gulf of Mexico, OPEC+ delayed plans to increase production in December, and US Federal Reserve plans to deliver another interest rate cut. 

Other contributing factors are the depreciation of peso, the premium added to the purchase of petroleum products, and the freight cost, according to Romero.

Romero meanwhile noted that “areas under the State of Calamity must adhere to the price freeze for LPG and Kerosene for 15 days upon its declaration.”

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

—VAL, GMA Integrated News