Major oil price hikes expected again next week

Motorists should brace for another round of big-time hike in pump prices to be implemented in the coming week.

Citing estimates based on Mean of Platts Singapore and foreign exchange averages in the past four days, an oil industry source said the following are the expected price adjustments:

• Diesel - P6.00 to P6.50 per liter
• Gasoline - P5.50 to P6.00 per liter

“World oil prices have rebounded significantly due to concerns of further disruption to oil supply as the Strait of Hormuz remains largely closed to vessel traffic, and growing security risks in the Bab el-Mandeb Strait expanded the conflict and raised the threat to global energy supplies and trade beyond the Persian Gulf,” the source said.

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

This week, effective July 21, oil companies hiked pump prices by P3.50 to P3.65 per liter for gasoline, P10 to P10.68 per liter for diesel, and P11.60 to P11.77 per liter for kerosene.

The latest price adjustments, the 29th movement for the year, resulted in a total net increase of P49.92 per liter for gasoline, P50.43 per liter for diesel, and P48.39 per liter for kerosene. —VAL, GMA News