Fuel price hikes seen next week

Pump prices of petroleum products are expected to increase next week, according to the Department of Energy (DOE) on Friday.

Based on four-day international trading, DOE Oil Industry Management Bureau Director Rodela Romero said the following adjustments could be implemented next week:

• Gasoline - more or less increase of P0.10
• Diesel - more or less increase of P0.85
• Kerosene - more or less increase of P0.45

Romero said oil rallied for three straight sessions from January 27 to 29 as traders priced in weather-driven United States supply disruption that shut in as much as 2 million barrels per day output.

She also cited the slow recovery of the Kazakhstan’s Tengiz field after a fire and power issue; the rising Iran risk premium; as well as the OPEC+ policy to pause its output hikes. 

These estimates exclude the oil company’s operating cost and other premiums, according to Romero. 

Oil companies announce official price adjustments every Monday, to be implemented on the following day. —VAL, GMA Integrated News