Philstar
Fuel price hike seen this week
Motorists can expect a price increase this week for gasoline, diesel, and kerosene, following rollbacks earlier this month.
The Department of Energy estimates a potential per-liter price hike of P0.90 to P1.30 for gasoline, P0.85 to P1.35 for diesel, and P0.90 to P1 for kerosene.
These estimates are based on four-day trading in the international oil market.
Oil Industry Management Bureau assistant director Rodela Romero attributed the expected increase to tightening global supply caused by new US sanctions on Iran.
Romero added that OPEC+'s plan to cut oil production to offset output hikes in May further heightened supply worries.
The final price adjustments will be announced on Monday and will take effect the following day.
Last Tuesday, oil companies rolled back gasoline, diesel, and kerosene prices by P3.60, P2.90, and P3.30 per liter, respectively.
Year-to-date, gasoline and diesel prices have a net increase of P0.95 and P1.55 per liter, respectively, while kerosene prices have declined by P2.90 per liter.
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