Fuel prices seen to go up for ninth straight week

Motorists should brace for higher cost of petroleum products as another round of price hike is slated next week, which could mark the ninth straight week of increases since the beginning of the year, Unioil Petroleum Philippines said on Saturday.

In its fuel price forecast for March 1 to 7 trading week, Unioil said the price per liter of diesel may increase by P0.80 to P0.90.

Gasoline prices, meanwhile, may go up by P0.90 to P1.00 per liter.

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

Effective Tuesday, February 22, fuel firms implemented a price increase of P0.80 per liter for gasoline and P0.65 per liter hike for diesel, bringing the year-to-date adjustments to a total net increase of P8.75 per liter for gasoline and P10.85 per liter for diesel.

Department of Energy-Oil Industry Management Bureau Director Rino Abad said that the agency has monitored this week that the prices of premium gasoline stands at around P70 per liter, while diesel’s common price stands at about P68 per liter.

Pump prices have only been increasing so far this year, following a net increase of P17.65 per liter for gasoline, P14.30 per liter for diesel, and P11.54 per liter for kerosene in 2021. —KG, GMA News