Another round of fuel price hike looms next week

Motorists should expect for another round of increase in pump prices to be implemented by fuel retailers in the coming week.

Citing industry estimates based on international petroleum trading in the past four days, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said the following are the estimated fuel price movements:

• Gasoline - more or less increase of P0.60 per liter
• Diesel - more or less increase of P0.75 per liter
• Kerosene - more or less increase of P1.00 per liter

“Final estimates will be completed after today’s MOPS (Mean of Platts Singapore) trading with the inclusion of oil companies’ cost of doing business and other premiums,” Romero said.

The Energy official said that during the early part of the week, prices of petroleum products in the international market “see saw” due to the latest US sanctions on Russian oil and the optimism over a potential end to the US government shutdown. 

“But this was capped of a prediction that rising supply will outweigh demand,” she said.

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

Effective Tuesday, November 11, oil companies hiked the prices per liter of gasoline by P0.50 and diesel by P1.00.

There was no change for kerosene, due to the nationwide price freeze.—AOL, GMA Integrated News