Diesel may go up to P130/liter, gasoline to over P100/liter next week

Motorists should buckle up tighter in the coming week as fuel prices are in for another round of mega price hike, still amid the ongoing petroleum crisis due to the Middle East war.

According to an oil industry source, the projected pump price increases next week are the following:

• Diesel - P14.00 to P14.50 per liter
• Gasoline - P7.00 to P7.50 per liter

These projections could push the retail prices of diesel to as much as P130 per liter, and gasoline to breach the P100 per liter mark following the double-digit hikes this week.

The anticipated fuel price hike was attributed to worries of severe tightening of supply due to damage to energy infrastructures in the Middle East as the US-Israel war with Iran continues to escalate, according to the industry source.

The Department of Energy (DOE) earlier announced the following fuel price adjustments for March 17 to March 23 week:

• Diesel - P20.40 to P23.90 per liter
• Gasoline - P12.90 to P16.60 per liter
• Kerosene - P6.90 to P8.90 per liter

Prevailing retail prices of petroleum products in the National Capital Region, based the Department of Energy’s data for March 10 to 16 plus this week’s adjustments are as follows:

• Diesel - P91.35 to P114.9 per liter
• Gasoline - P86.4 to P100.3 per liter
• Kerosene - P91.9 to P143.79 per liter

Despite the spike in prices, the DOE assured the public that the country has sufficient fuel supply but warned against hoarding.

“What is unpredictable is the hoarding part. Kung mag-hoard ang isa, maapektuhan ang iba, especially ang PUVs (If one will hoard, everybody will be affected especially the PUVs). We need to curtail hoarding and not cause more panic among our people,” Energy Secretary Sharon Garin said.—AOL, GMA Integrated News