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Another round of fuel price hike seen next week

Another round of fuel price hike seen next week

Following a series of pump price hikes, motorists should brace for another round of upward adjustments in the per liter prices of petroleum products in the coming week.

Citing oil industry estimates based on four-day trading, Department of Energy-Oil Industry Management Bureau Director III Rodela Romero said that “another round of increase is expected next week…”

The estimated adjustments for local pump prices are as follows:

  • Gasoline - no change to increase of P0.20 per liter
  • Diesel - increase of P0.80 to P1.00 per liter
  • Kerosene - increase of P0.85 to P1.00 per liter

The Energy official said final price adjustments will be determined following the results of Friday’s trading as well as other “relevant international oil events.”

The expected fuel price hike could be attributed to “an intensified geopolitical concerns in Gaza Strip wherein Israeli's airstrikes killed three sons of a Hamas leader,” according to Romero.

“Though, inventory build up of crude and fuels in the US tempered the oil price increase,” she said.

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

Effective Tuesday, April 9, 2024, fuel firms implemented a per liter increase in gasoline by P1.10, diesel by P1.55 and P1.40 for kerosene.

This brought the year-to-date adjustment of gasoline, diesel, and kerosene to stand at a per liter net increase of P9.30, P6.05 and P1.40, respectively. — RSJ, GMA Integrated News