Philstar
Expect fuel price hike next week
Filipino motorists can anticipate another increase in fuel prices next week, with estimates suggesting hikes for gasoline, diesel, and kerosene.
Industry experts estimate a potential per-liter price increase of P1 to P1.20 for diesel, P1.30 to P1.50 for gasoline, and around P1 for kerosene.
The Department of Energy (DOE) will finalize these estimates after today's Mean of Platts Singapore (MOPS) trading, considering oil companies' business costs and other premiums.
Petroleum prices were highly volatile early in the week following the latest US sanctions on Russian oil and optimism over a possible end to the US government shutdown.
Further upside to prices is expected to be capped as supply tightness is seen to gradually ease with refineries returning from the seasonal turnaround.
Last Tuesday, major oil firms hiked gasoline and diesel prices by P0.50 and P1 per liter, respectively.
A price freeze for kerosene prices was implemented in areas under a state of calamity due to recent tropical cyclones.
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