4th fuel price increase seen in as many weeks
The prices of petroleum products are expected to continue their upward trend by as much as P1.50 per liter next week, according to forecasts from industry players.
Based on an advisory from Unioil posted Saturday, the per-liter increase in diesel may range from 50 centavos to 70 centavos.
Gasoline, meanwhile, may rise by P1.30 per liter to P1.50 a liter.
Projections from the Department of Energy (DOE) also showed the following possible upward adjustments on fuel products: P1.25 per liter to P1.50 per liter for gasoline; 40 centavos to 60 centavos per liter for diesel; and 60 centavos to 80 centavos per liter for kerosene.
The projected figures were higher than last week’s increases.
Once fuel retailers implement these increases, next week could mark the fourth consecutive week of upward price adjustments.
External factors
Rodela Romero, director of the DOE’s Oil Industry Management Bureau, still attribute the continuous spike in oil prices on external factors.
“Geopolitical tensions in the Middle East, an unexpectedly large withdrawals in the US crude inventories, and optimistic forecasts for summer fuel demand have all contributed to pushing prices in oil products higher,” she said in a statement.
Amid the series of price hikes, DOE data showed the year-to-date total adjustments for gasoline, diesel, and kerosene already stand at a net increase of P9.25 per liter, P8.40 per liter, and P1.75 per liter, respectively.
