Another round of fuel price increase seen next week

National

DRIVERS may need to brace their wallets once again as fuel prices are poised for another jump next week, adding pressure after already steep increases in recent days.

Industry analysts predict diesel could rise by P0.50 to P0.70 per liter, while kerosene may increase by around P0.35 per liter. Gasoline prices, in contrast, are forecasted to drop slightly, by roughly P0.35 per liter.

These projections are based on trading activity in the global oil market over the past four days. Official price adjustments will be announced on Monday and will take effect the following day.

Rodela Rodela, assistant director at the Department of Energy’s Oil Industry Management Bureau, said in a Philstar report that the expected price hike was triggered by a recent drone strike on a Russian port in the Black Sea, a key hub for oil exports.

She noted that the incident compounds existing sanctions on Russian oil companies Rosneft and Lukoil amid Moscow’s continued invasion of Ukraine.

Leo Bellas, president of Jetti Petroleum, explained that while crude oil benchmarks have slightly eased due to refinery maintenance and concerns over potential oversupply, prices for refined fuel products remain high because of ongoing supply constraints.

“While crude price benchmarks have eased down slightly week-on-week as demand weakened due to significant refinery turnarounds and worries of a potential supply glut, prices of refined fuel products have remained elevated due to supply concerns,” he said in the same article.

Last Tuesday, oil companies implemented significant hikes, raising gasoline by P1.70 per liter, diesel by P2.70, and kerosene by P2.10.(MyTVCebu)