Fuel price hike seen next week

Motorists should buckle up for a round of increase of fuel prices to be implemented in the coming week.

“Based on the four-day trading in MOPS (Mean of Platts Singapore), we will be expecting an increase in the prices of petroleum products by next week,” Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said.

The estimated price adjustments are as follows:

• Gasoline - more or less increase of P0.30 per liter 
• Diesel - more or less increase of P0.80 per liter
• Kerosene - more or less increase of P0.80 per liter

The Energy official said the fuel price forecast for next week excludes the cost of doing business by the oil companies and other related premiums. 

Romero said fuel prices soars on prospects of new US sanctions to Russian oil companies over war with Ukraine, as announced by President Donald Trump and the decrease in US crude oil investory due to stronger refinery demand.

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

Effective Tuesday, October 21, oil companies hiked the prices per liter of gasoline by P0.10, while rolling back those of diesel by P0.70, and kerosene by P0.60. —AOL, GMA Integrated News