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Fuel price hike seen next week

After the recent round of fuel pump price reductions, motorists need to brace for an upward adjustment in the prices of petroleum products in the coming week.

In its fuel price forecast for the week of March 7 to 13, Unioil Petroleum Philippines said the price per liter of diesel may increase by P1.30 to P1.50.

Gasoline prices, meanwhile, may go up by P0.10 to P0.30 per liter.

Citing oil trading in the past four days (February 27 to March 2), an oil industry source told GMA News Online that diesel prices may be raised by P1.10 to P1.30 per liter while gasoline prices may rise by P0.05 to P0.25 per liter.

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

Effective Tuesday, February 28, fuel firms implemented a per-liter decrease of P0.70 for gasoline, P1.30 for diesel, and P1.80 for kerosene.

The latest price movement brought the year-to-date adjustments to a net decrease for diesel at P2.40 per liter and kerosene at P2.30 per liter.

Gasoline on the other hand had a net increase of P5.30 per liter since the beginning of the year. — DVM, GMA Integrated News