Another round of fuel price hike expected next week

Motorists should brace for another round of pump price hike in the coming week, which could mark the third straight week of increases.

Based on oil trading monitoring from June 13 to 16, an oil industry source told GMA News Online the following will be the expected price adjustment for petroleum products next week:

•     Diesel may increase by P2.00 to P2.30 per liter
•     Gasoline may go up by P0.20 to P0.50 per liter

Sought for comment, Department of Energy-Oil Industry Management Bureau director Rino Abad said the possible price increase is tempered “most likely due to China lockdown.”

“[B]ut it did not cause rollback so we still expect increase next week but amounts are relatively smaller compared to last week,” Abad said, adding that the the European Union ban on Russian oil imports triggered by the latter’s war with Ukraine still causes fuel prices to increase.

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

Effective June 14, fuel firms hiked gasoline prices by P2.15 per liter and diesel by P4.30 per liter.

This brought the year-to-date adjustments to stand at a net increase of P28.70 per liter for gasoline and P41.15 per liter for diesel.—AOL, GMA News