Another round of fuel price hike looms

National

DUE to heightened tensions abroad, fuel prices are set to increase again next week.

Industry players advised motorists to brace for a P1.40 to P1.60 increase per liter for gasoline and P0.50 to P0.70 per liter for diesel.

Kerosene prices are also projected to go up by around P0.25 per liter.

“The strongest factor helping oil prices to move in an upward direction is the geopolitical tensions, particularly in Iran,” Rodela Romero, assistant director at the Department of Energy, said in a Philstar report.

The threat of supply disruptions through the Strait of Hormuz, a key global trade route, and the continuing uncertainty over Iran’s nuclear talks have pushed a risk premium into prices, Romero added

In a separate report by Inquirer.net, Jetti Petroleum president Leo Bellas said the local prices of diesel products may increase again by 50 centavos to 70 centavos per liter.

Gasoline prices may rise to P1.40 to P1.60 a liter.

Barring any changes, next week’s price increases would mark the sixth consecutive week of price hikes for gasoline.(MyTVCebu)