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Fuel prices seen to go up next week

After a round of rollbacks, motorists should brace for an increase in fuel pump prices in the coming week.

Citing oil trading from April 3 to 6, an oil industry source told GMA News Online that the price per liter of diesel may increase by P1.30 to P1.60.

Gasoline prices, meanwhile, may increase by P2.50 to P2.80 per liter.

“For the four-day trading, all products will increase on Tuesday,” Oil Industry Management Bureau Assistant Director Rodela Romero said in a text message. Romero added that the announcement of oil producing countries to cut production was the main factor for the expected fuel price hike next week.

“Generally, the announcement of OPEC+ to cut production of about 1.16 million barrels per day, that will contribute to supply tightness bringing fears to traders,” she said.

On Sunday, Saudi Arabia and the OPEC+ announced they would slash production further by around 1.16 million barrels per day in a surprise move they said was aimed at supporting market

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

Effective Tuesday, April 3, oil companies raised the per liter prices of gasoline by P1.40, diesel by P0.50, and kerosene by P0.50.

The latest price movements brought year-to-date adjustments to stand at a net increase of P3.25 per liter for gasoline, and net decreases of P3.65 per liter for diesel and P5.05 per liter for kerosene. — DVM, GMA Integrated News