Up to P22/liter hike in diesel, P16/liter in gasoline seen next week

Motorists should buckle up and tighten their belts more as another round of mega oil price hikes are expected to be implemented next week.

According to an oil industry source, based on the fuel trading in the past four days, the pump prices of diesel may increase by P19 to P22 per liter.

Gasoline may go up by P12 to P16 per liter.

The industry source said that the anticipated fuel price increase could swing to the higher side of the range as the Mean of Platts Singapore trading for Friday is expected to be elevated.

This week, fuel retailers agreed to stagger the big-time pump price hike resulting from the closure of the Strait of Hormuz due to the US-Israel versus Iran conflict.

According to data from the Department of Energy, retailers hiked the per liter prices gasoline by P7.00 to P13.00, diesel by P17.50 to P24.25, and kerosene by P32.00 to P38.50. —LDF, GMA Integrated News