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Big-time hike in fuel prices seen next week
By TED CORDERO,GMA Integrated NewsMotorists should expect another round of increases in the prices of petroleum products next week, which could mark the third straight round of hikes in pump prices for 2025.
Citing estimates, based on international fuel trading in the past four days, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said the following are the anticipated upward adjustments in the retail prices of fuel:
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- Gasoline - P1.35 to P1.60 per liter
- Diesel - P2.30 to P2.60 per liter
- Kerosene - P2.30 to P2.50
The Energy official said relevant news in the international oil market influenced price movements.
In particular, Romero cited the ”US and UK imposing a new round of sanctions on Russian oil.”
She said that this “will result in a reduction of Russian exports thereby could push global crude prices higher in the near term, as the market adjusts to the loss of supply from one of the world’s largest oil producers.”
Fuel firms announce official price adjustments every Monday, to be implemented on the following day.
On January 14, 2025, oil companies hiked the prices per liter of both gasoline and kerosene by P0.80 while diesel was increased by P0.90 per liter.
The latest price movements marked the the second time of pump price hikes for 2025.
So far, gasoline and kerosene have a total year-to-date net increase of P1.80 per liter while diesel has a total net increase of P2.30 per liter.
In Metro Manila, the prevailing retail prices of gasoline range from P52.25 to P75.62 per liter, diesel ranges from P49 to P65.85 per liter, and kerosene from P70.91 to P82.20 per liter, according to latest data from the DOE’s price monitoring.—AOL, GMA Integrated News