Fuel price hikes up to over ₱1 expected next week

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

Based on the four-day Mean of Platts Singapore (MOPS) trading, the estimated adjustments in fuel prices per liter for next week are the following:

Gasoline - more or less increase of P1.10

Diesel - more or less increase of P0.50

Kerosene - more or less increase of P0.90

DOE-Oil Industry Management Bureau (OIMB) assistant director Rodela Romero attributed the projected increases in fuel prices to the situation between the United States and Iran.

“Crude lacks direction as market looks to US-Iran talks held yesterday, February 26 in Geneva. This was the 3rd round of talks made by the two countries,” she said.

“Still, US sanctions 12 more tankers transporting Iranian crude and continues its massive military build up in the Middle East region. These contributed to the upward direction in the prices of petroleum products,” she added.

Romero noted that final adjustments will be determined after Friday’s MOPS trading and the incorporation of oil companies' operating costs and other premiums.

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