Fuel price hike also seen at 50 centavos to P1.50/liter
After two straight rounds of rollbacks, motorists may see another fuel price hike next week due to stronger global demand and the Houthi ship attacks in the Red Sea.
Industry sources showed Friday that the per-liter price of gasoline may go up by 50 centavos to 80 centavos.
Diesel may also increase by P1 to P1.50 a liter, while kerosene may post a more or less P1 hike per liter.
In a statement, Rodela Romero, assistant director of the Department of Energy-Oil Industry Management Bureau, cited the two factors influencing the upward price movement.
The renewed attacks on cargo vessels off the Red Sea made headlines this week, with at least two Filipino seafarers “most likely” killed during the encounters, the Department of Foreign Affairs said. The Red Sea is a crucial maritime trade route as it connects Europe, the Middle East and Asia.
This was also echoed by Jetti Petroleum president Leo Bellas.
“Forecast of less US oil production and renewed Houthi attacks on shipping in the Red Sea supported prices,” Bellas said.
Another factor affecting price movements next week was the robust demand seen for crude oil and refined fuel products.
“[They] more than offset the impact of the additional supply following OPEC+’s (Organization of the Petroleum Exporting Countries) decision to further unwind production cuts in August,” Bellas said.
“However, a bearish outlook on oil demand due to the potential adverse impact of US tariffs on global economic growth has weighed on prices,” he added.
