Fuel price hike looms next week
Motorists should brace for another round of increase in fuel prices to be implemented by petroleum retailers in the coming week.
'As a result of our monitoring on the four-day trading in MOPS (Mean of Platts Singapore) and relevant news in the international oil market, we will be expecting an increase in the domestic pump prices by next,' Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said.
The estimated range in upward adjustments are as follows:
Gasoline - P0.15 to P0.60 per liter
- P0.15 to P0.60 per liter Diesel - P0.50 to P0.90 per liter
- P0.50 to P0.90 per liter Kerosene - P0.25 to P0.40 per liter
The Energy official cited following relevant global developments which contributed to the anticipated hike in fuel prices:
Persistent geopolitical tensions such as the conflict between Russia and Ukraine; and US and Iran Nuclear Deal
Supply concern with production in Canada disrupted by the wildfires
US crude oil inventories experienced a larger-than-anticipated drawdown
Oil companies usually announce price adjustments every Monday, to be implemented on the following day.
Effective Tuesday, fuel firms hiked the prices per liter of gasoline by P0.40 and diesel by P0.30, while lowering those of kerosene by P0.10. —VAL, GMA Integrated News
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