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Fuel prices seen to go up anew next week

Motorists need to brace for another series of increases in the pump prices of petroleum products next week, which could mark the eighth straight week of fuel price hikes, according to projections by Unioil Petroleum Philippines.

In its fuel price forecast for February 22 to 28 trading week, Unioil said the price per liter of diesel might go up by P0.60 to P0.70.

Gasoline prices, meanwhile, might increase by P0.80 to P0.90 per liter.

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

Last February 15, oil firms implemented another big-time hike in the pump prices of petroleum products, marking the seventh straight week of increases.

In separate advisories, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Pilipinas Shell Petroleum Corp., and Seaoil Philippines Inc. said they would hike prices per liter of gasoline by P1.20, diesel by P1.05, and kerosene by P0.65.

Cleanfuel, Petro Gazz, and Unioil Petroleum Philippines Inc. implemented the same adjustments, excluding kerosene which they do not carry.

According to Oil industry Management Bureau Director Rino Abad, the continuous increases are due to supply chain disruptions, with the global supply down.

Data from the Department of Energy showed year-to-date adjustments stand at a total net increase of P7.95 per liter for gasoline and P10.20 per liter for diesel.

Pump prices have only been increasing so far this year, following a net increase of P17.65 per liter for gasoline and P14.30 per liter for diesel in 2021. — DVM, GMA News