P1.70 fuel price hike poised next week
The prices of petroleum products may rise by as much as P1.70 per liter next week, according to industry estimates.
In an advisory on Friday, Jetti Petroleum president Leo Bellas said diesel prices could go up by 80 centavos to P1 a liter, while gasoline is seen to increase by P1.50 to P1.70 per liter.
Rodela Romero, assistant director of the Department of Energy (DOE)-Oil Industry Management Bureau, also projected higher pump prices.
The official said gasoline prices could have the biggest jump in prices of more or less P1.50 per liter.
Diesel may also see an increase of more or less P1 a liter, while kerosene can be more costly by more or less 80 centavos. Romero said the potential price hikes could be influenced by the “renewed concerns over supply disruptions following US President Trump’s sanctions on Russia and Iranian oil.”
Both the DOE official and Bellas said the market also “responded positively” to the trade agreement between the United States and the European Union, supporting oil prices.
“The depreciation of the peso against the US dollar has also pushed this week’s price average higher than last week,” Bellas added, as one of the factors affecting local fuel prices.
Last week, fuel retailers implemented per-liter price increases of 60 centavos and 40 centavos for diesel and kerosene, respectively.
Gasoline prices, meanwhile, was reduced by 10 centavos a liter.
