Fuel price hike expected next week

After a round of rollbacks this week, motorists should brace for a hike in pump prices in the coming week.

The estimated upward adjustments in the retail prices of fuel are as follows:

Gasoline - P0.70 to P0.90 per liter 

Diesel - P0.70 to P1.00 per liter 

Kerosene - P0.60 to P0.70 per liter

The estimates are based on international trading in the past four days.

Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero attributed the expected hike in petroleum prices to “escalating geopolitical situation around Russia continued to dominate sentiment, underpinning the week’s gains.”

Also contributing to the increase in fuel prices were news about “Russia’s oil refinery business are at risk of plant closure amid heavy losses, lower production” and “oil production outage in Norway.”

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

Effective Tuesday, November 19, fuel firms rolled back the per liter of gasoline by P0.85, diesel by P0.75, and kerosene by P0.90.

--VAL, GMA Integrated News