Big-time fuel price hike seen next week

Story by TED CORDERO,GMA Integrated News

After a round of rollbacks, motorists should expect the prices of petroleum products to go up big-time in the coming week.

“We will be expecting an increase in the domestic pump prices of petroleum products by Tuesday next week due to the developments in the international oil market,” Department of Energy-Oil Industry Management Bureau Director III Rodela Romero said on Friday, citing oil trading in the past four days.
The estimated per liter adjustments in pump prices for next week are as follows:

• Gasoline - P0.60 to P0.85
• Diesel - P1.45 to P1.70
• Kerosene - P1.85 to P1.90

“Among the relevant news that contributed to the trajectory increase of oil prices are the upbeat global demand forecasts from EIA (Energy Information Administration) and OPEC (Organization of Petroleum Exporting Countries) coupled with data showing a sharper than expected drop in US crude inventories; uncertainties over the timing of the US Fed Reserves on the interest rate cut and the reduced Saudi exports to China and potential US reserve purchases,” Romero said.

Fuel firms usually announce price adjustments every Monday, to be implemented on the following day.

Effective Tuesday, June 11, oil companies slashed the prices per liter of gasoline by P0.60, diesel by P1.20, and kerosene by P1.30.

The latest price movements brought the year-to-date total adjustments of gasoline and diesel to stand at a net increase of P6.05 per liter and P4.25 per liter, respectively.

Kerosene, on the other hand, has a year-to-date net decrease of P1.55 per liter. —KBK, GMA Integrated News

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