Another round of fuel price hike seen next week

Motorists should brace for another series of hikes in fuel pump prices next week, which could mark the fourth straight week of upward adjustments for gasoline and the third for both diesel and kerosene.

The estimated per liter adjustments are as follows:

• Gasoline - more or less increase of P1.00 per liter
• Diesel - more or less increase of P1.40 per liter
• Kerosene - more or less increase of P0.80 per liter 

The estimates are based on the results of international fuel trading in the past four days, according to Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero.

The Energy official cited the following international developments which influenced the world petroleum market:

• Oil rises $1 after US imposes sanctions targetting Iran’s oil revenue stream
• Saudi Aramco and Iraq’s state oil marketer SOMO have halted exports to India’s refinery, now under EU sanctions
• Intensifying airstrikes in Russia and Ukraine

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

This week petroleum retailers hiked the prices per liter of gasoline by P0.70, diesel by P1.00, and kerosene by P0.70. —VAL, GMA Integrated News