Fuel price hike looms next week

After two consecutive rounds of rollbacks, retail prices of petroleum products are expected to go up in the coming week.

In its price movement forecast, based on the four-day Mean of Platts Singapore trading, Jetti Petroleum said the price per liter of diesel might increase by P1.30 to P1.50.

The price of gasoline, on the other hand, might be hiked by P0.60 to P0.80 per liter.

“Prices of crude oil and refined fuel products have increased this week on signs of strong demand, which more than offset the impact of the additional supply following OPEC+’s decision to further unwind production cuts in August,” Jetti said.

“Forecast of less US oil production OPEC+ supply and renewed Houthi attacks on shipping in the Red Sea also supported prices,” it added.

The fuel retailer said the bearish outlook on oil demand due to the potential adverse impact of US tariffs on global economic growth has also weighed on prices.

Fuel firms usually announce final price adjustments every Monday, to be implemented on the following day.

Effective Tuesday, oil companies slashed the prices per liter of gasoline by P0.70, diesel by P0.10, and kerosene by P0.80, marking the second straight week of rollbacks since the big-time fuel price hike seen in the last week of June triggered by the Israel-Iran tension. —VAL, GMA Integrated News