Fuel prices to surge by over P1 per liter next week

Local

FUEL up while you can as next week’s price jump at the pump is set to punch past the ₱1-per-liter mark.

Motorists are in for another round of fuel price hikes, with the Department of Energy (DOE) projecting increases across all fuel types based on four days of global oil trading data.

According to preliminary estimates, gasoline prices are expected to rise by P0.90 to P1.40 per liter. Diesel may see an increase of P1.00 to P1.40 per liter, while kerosene could go up by P1.00 to P1.20 per liter.

Rodela Romero, assistant director of the DOE’s Oil Industry Management Bureau, attributed the looming price adjustments to rising global oil prices, which have been influenced by renewed optimism surrounding trade negotiations between the United States and China.

Romero also pointed to forecasts from the Organization of the Petroleum Exporting Countries, which project strong global oil demand over the next 25 years — a key factor keeping oil prices elevated.

Industry sources have cited additional contributors to the expected price hike, including uncertainty over stalled nuclear talks between the U.S. and Iran and declining crude inventories in the U.S.

“Increased concerns of escalating tensions in the Middle East that could disrupt oil supplies following Israel’s attack on Iran have pushed crude prices up by five percent,” said Leo Bellas, president of Jetti Petroleum in a Philstar report.

The final figures will depend on the results of Friday’s trading, with official announcements from oil firms expected Monday. Adjusted pump prices will take effect the following day.

Earlier this week, oil companies raised fuel prices by P0.60 per liter for gasoline, P0.95 for diesel, and P0.30 for kerosene.(MyTVCebu)