Big-time fuel hike expected next week

Motorists will be greeted by about a peso per liter hike in the retail prices of petroleum products in the coming week, which could mark a second straight week of upward adjustments in fuel costs.

Based on international petroleum trading in the past four days, the estimated per-liter price hikes are as follows:

• Gasoline - P0.85 to P1.35
• Diesel - P0.75 to P1.25
• Kerosene - P0.95 to P1.10

Department Energy of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero attributed the anticipated fuel price hike to the following global developments, which affected petroleum market sentiments:

• US sanctions on Iran could remove one million barrels per day from global supply
• Russia, Ukraine continue attacks on energy installations
• US threat of tariffs on nations buying Venezuelan crude oil

Fuel firms announce official price adjustments every Monday, to be implemented on the following day.

Effective Tuesday, March 25, local oil companies hiked the prices per liter of gasoline by P1.10 and P0.40 for both diesel and kerosene.

The latest price movements brought the year-to-date adjustments on gasoline and diesel to stand at a total net increase of P3.25 per liter, while kerosene has a total year-to-date net decrease of P0.30 per liter. —VAL, GMA Integrated News