Over P1 per liter hike in gasoline, diesel looms next week

Motorists should brace for another round of increase in pump prices to be implemented by fuel retailers next week.

“Based on the four-day trading, we are expecting an increase in the prices of petroleum products by next week,” Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said Friday.

The estimated upward adjustments are as follows:

• Gasoline - increase of more or less P1.50 per liter
• Diesel - increase of more or less P1.00 per liter
• Kerosene - increase of more or less P0.80 per liter

The Energy official attributed the anticipated fuel price hike to the relevant news in the oil market this week, namely:

• Renewed concerns over supply disruptions following US President Donald Trump’s sanction on Russia and Iranian oil. 
• Hopes of improved economic activity after the US - EU trade deal.

Fuel retailers announce official price adjustments every Monday, to be implemented on the following day.

Effective Tuesday, July 29, oil companies slashed the per-liter price of gasoline by P0.10 and hiked the prices of diesel and kerosene by P0.60 per liter and P0.40 per liter, respectively. —VAL, GMA Integrated News