Fuel price hike expected next week

National

MOTORISTS should head to gasoline stations before the week ends as fuel price hike looms.

Early indications suggest possible price hikes of around P0.50 per liter for gasoline and over P1 per liter for diesel and kerosene will be implemented next week.

Rodela Romero, assistant director of the Department of Energy (DOE)-Oil Industry Management Bureau, said in a Philstar report that the estimates reflect the four-day trading in the Mean of Platts Singapore, a pricing benchmark used for refined petroleum products.

Romero said the expected adjustments are due to a potential decline in oil production coupled with robust gasoline demand in the United States.

Contributing to the upward pressure on prices were the renewed attacks by Houthi rebels on shipping vessels in the Red Sea, Romero said.

“Prices of crude oil and refined fuel products have increased this week on signs of strong demand, which more than offset the impact of additional supply following OPEC+’s decision to further unwind production cuts in August,” Jetti Petroleum president Leo Bellas said in the same report.

Final price adjustments will be announced on Monday and will take effect the following day.

The projected increase came after most oil firms slashed gasoline, diesel and kerosene prices last Tuesday. Gasoline prices dropped by P0.70, diesel by P0.10, and kerosene P0.80 per liter.