P2 fuel price hike seen next week

Fuel pump prices are expected to rise by more than P2 per liter a week after oil companies implemented a minimal price adjustment, according industry sources. Unioil said in its advisory that the price of diesel is seen to increase by P1.30 to P1.50 per liter and gasoline by P2.10 to P2.30 per liter. Department of Energy’s (DOE) Oil Industry Management Bureau Assistant Director Rodela Romero provided similar projections, with gasoline surging by P1.90 to P2.10 per liter, diesel by P1.35 to P1.50 per liter and kerosene by P1.40 to P1.50 per liter. Romero provided the estimates based on the results of the four-day trading in the global market. If the projections are correct, next week’s fuel price hike is greater than the slight mixed price adjustment implemented last Tuesday.

The price of gasoline went up by 10 centavos per liter but that of diesel dropped by 10 centavos per liter. Kerosene was unchanged. Year-to-date adjustment of gasoline is a net increase of P5.55 per liter while for diesel, it stands at P3.70 per liter. The net decrease in kerosene prices remained at 25 centavos per liter.—JORDEENE B. LAGARE