Another round of fuel price hike looms next week

Motorists should brace for another round of increase in the pump prices of petroleum products in the coming week.

Citing industry estimates based on the Mean of Platts Singapore (MOPS) trading in the past four days, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said the following are the projected movements in pump prices:

• Gasoline - more or less increase of P0.60 per liter 
• Diesel - more or less increase of P1.35 per liter
• Kerosene - more or less increase of P1.00 per liter

“These estimates exclude the operating cost of the oil companies and other premiums,” she said.

The Energy official said that crude oil and finished petroleum products have a short-lived upswing this week driven primarily by fears of an escalation in tension in Iran, which could disrupt crude supplies from OPEC’s fourth-largest producer. 

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

Effective Tuesday, January 13, petroleum retailers hiked the prices per liter of gasoline by P0.30, diesel by P0.20, and kerosene by P0.30, marking the marking the third straight week of increases for both diesel and kerosene. —VAL, GMA Integrated News