Another round of fuel price hike seen next week –industry source

Pump prices of petroleum products are expected to go up for another round in the coming week, which could mark the third straight week of increases so far this year.

Citing oil trading in the past five days (January 23 to 27), an oil industry source told GMA News Online that the price per liter of diesel may increase by P0.60 to P0.80.

Gasoline prices, meanwhile, are expected to be hiked by P1.20 to P1.40 per liter.

In a text message, Oil Industry Management Bureau Director Rino Abad said there will be a “more than P1” estimated price adjustment for both diesel and kerosene and an “around P1” hike for gasoline.

Abad cited expectations of strong global demand for oil amid top importer China’s reopening of its economy and the faster growth of the US economy in the fourth quarter of 2022.

Oil companies usually announce price adjustment every Monday, to be implemented on the following day.

Effective January 24, 2023, the fuel implemented a per liter increase in gasoline by P2.80, diesel by P2.25, and kerosene by P2.40.

The latest price adjustment resulted to a total net increase this year to stand at P5.90 per liter for gasoline, P2.05 per liter for diesel, and P3.20 per liter for kerosene.

Data from the Department of Energy’s price monitoring, as of January 24 to 26, show the price per liter of gasoline ranges from P63.30 to P72.35 per liter in Quezon City, Metro Manila’s largest city; diesel prices range from P65.40 to P71.75 per liter in Makati City, the country’s top financial hub; while in Philippine capital Manila, kerosene prices range from P75.01 to P80.75 per liter. —LBG, GMA Integrated News