Over P1 per liter hike in gasoline, diesel looms next week
'Based on the four-day trading, we are expecting an increase in the prices of petroleum products by next week,' Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said Friday.
The estimated upward adjustments are as follows:
Gasoline - increase of more or less P1.50 per liter
Diesel - increase of more or less P1.00 per liter
Kerosene - increase of more or less P0.80 per liter
The Energy official attributed the anticipated fuel price hike to the relevant news in the oil market this week, namely:
Renewed concerns over supply disruptions following US President Donald Trump's sanction on Russia and Iranian oil.
Hopes of improved economic activity after the US - EU trade deal.
Fuel retailers announce official price adjustments every Monday, to be implemented on the following day.
Effective Tuesday, July 29, oil companies slashed the per-liter price of gasoline by P0.10 and hiked the prices of diesel and kerosene by P0.60 per liter and P0.40 per liter, respectively. —VAL, GMA Integrated News
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