Fuel price hike expected next week
Retail prices of petroleum products are expected to rise in the upcoming week after five weeks in a row of decreases in the prices of diesel, kerosene, and gasoline at the pump and two weeks of increases for gasoline.
“May indikasyon na mukhang magkakaroon ng increase next week (There’s an indication that there will be a price increase next week),” Oil Industry Management Bureau Director Rino Abad said during state-run PTV’s public briefing on Friday.
According to Abad, the price per liter of diesel may rise by more than P4 while the price per liter of gasoline may rise by less than P1. This is based on the oil trade during the previous four days.
The Energy official estimated that the price increase for kerosene may exceed P2 per liter.
According to a source in the oil business, gasoline prices might increase by P0.40 to P0.70 per liter and diesel prices could increase by P4.40 to P4.70 per liter.
According to Abad, the price per liter of diesel may rise by more than P4 while the price per liter of gasoline may rise by less than P1. This is based on the oil trade during the previous four days.
Abad attributed the majority of the anticipated price increase to the decision of the OPEC (Organization of Petroleum Exporting Countries) Plus alliance to reduce oil output by 2 million barrels in support of dropping oil prices brought on by the US’s aggressive interest rate rises.
Every Monday, oil firms often announce price changes that will take effect the following day.
Fuel companies reduced the cost of gasoline, diesel, and kerosene by P0.40, P0.45, and P0.85 per liter, respectively, on October 4.
The most recent price changes resulted in a net rise of P14.45 per liter for gasoline, P28.95 for diesel, and P23.25 for kerosene for year-to-date adjustments.
According to data from the Department of Energy, as of October 6, the cost of a liter of gasoline ranged from P60.70 to P71.05 in Quezon City, the largest city in Metro Manila; the cost of a liter of diesel ranged from P69.60 to P74.25 in Makati City, the nation’s top financial center; and the cost of a liter of kerosene ranged from P73.76 to P83 in Manila, the capital of the Philippines
