Fuel price hike seen next week

Higher fuel pump prices are expected in the coming week, according to the Department of Energy on Friday.

Citing industry estimates, based on international trading in the past four days, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said the following are the estimated adjustments in petroleum products to be implemented next week:

• Gasoline - increase of P0.45 to P0.75 per liter 
• Diesel - increase of P0.30 to P0.60 per liter
• Kerosene - increase of P0.15 to P0.30 per liter

Romero said the anticipated increase could be “driven by the increasing Middle East tensions and the intensifying sanctions of US to Iran and Russia.”

However, she said that final adjustments will be determined after the last trading day of this week.

Fuel firms announce official price movements every Monday, to be effective on the following day.

On Tuesday, oil companies slashed the prices per liter of gasoline by P0.10, kerosene by P0.30, and diesel by P0.10.

--VAL, GMA Integrated News