Big-time hike in fuel prices seen next week —Unioil

Motorists may need to brace for higher retail prices of petroleum products next week as oil firms are expected to impose big-time price hikes, according to forecast by Unioil Petroleum Philippines.

In its fuel price forecast for the October 5 to 11, 2021 trading week, Unioil said the price per liter of diesel may increase by P2.00 to P2.10.

Gasoline prices, meanwhile, may go up by P1.40 to P1.50 per liter.

The expected increase in the prices of  petroleum products will be the sixth straight week of hikes.

Oil companies usually announce price adjustments every Monday to be implemented on the following day’s morning.

Effective Tuesday, fuel firms Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Pilipinas Shell Petroleum Corp. and Seaoil Philippines Inc. said they will hike prices per liter of gasoline by P0.55, diesel by P0.90, and kerosene by P0.95. 

Cleanfuel, Petro Gazz, Phoenix Petroleum Philippines Inc., and PTT Philippines Corp., will implement the same changes, excluding kerosene which they do not carry.

Latest data available from the Department of Energy (DOE) indicate that year-to-date adjustments stand at a net increase of p14.55 per liter for gasoline, P12.05 per liter for diesel, and P9.70 per liter for kerosene as of September 21, 2021.  —Ted Cordero/LBG, GMA News