Another round fuel price hike looms next week

Motorists should brace for another round of hikes in fuel prices in the country, which could mark the sixth straight week of increases in gasoline and the fifth for diesel and kerosene.

“Based on the four-day trading in MOPS (Mean of Platts Singapore) only, excluding other related expenses such as the cost of doing business, taxes, etc., we will experience an increase in the prices of petroleum products by next week,” Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said.

The estimated pump price adjustments are as follows:

• Gasoline - More or less increase of P0.70 per liter
• Diesel - More or less increase of P0.35 per liter
• Kerosene - More or less increase of P0.65 per liter

“Relevant news for this week contributing to the estimated adjustments is the continued geopolitical risks due to additional US sanctions on Russian oil, EU’s discussion on 19th Russian sanction package and the Ukraine’s massive drone strikes on 361 Russian energy sites,” Romero said.

The Energy official said the final adjustments in fuel prices will be determined after Friday’s trading and with the incorporation of oil companies’ cost of doing business.

Fuel firms announce official price movements every Monday, which are implemented the following day.

Effective Tuesday, September 16, oil companies hiked the per liter prices of gasoline by P0.10, diesel by P0.50, and kerosene by P0.10. —VAL, GMA Integrated News