Another round of fuel price hike seen next week

Motorists should brace for higher petroleum prices in the coming week as fuel retailers are expected to implement another round of pump price hikes.

“Based on the four-day trading in MOPS (Mean of Platts Singapore), we will be expecting an increase in the prices of petroleum products,“ Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said.

The estimated per-liter price adjustments are as follows:

• Gasoline - more or less increase of P0.60
• Diesel - more or less increase of P1.00
• Kerosene - more or less increase of 0.50

The Energy official cited the “larger than expected drop in US inventories and the potential impact of new US tariffs on India” for the anticipated pump price hike.

Romero added that “oil traders are watching for updates from US-Ukraine-Russia’s diplomatic efforts.”

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

This week, effective Tuesday, oil companies hiked the prices per liter of gasoline by P0.70, diesel by P0.50, and kerosene by P0.30. —VAL, GMA Integrated News