ANOTHER ROUND OF OIL PRICE HIKE SEEN NEXT WEEK

Retail prices of petroleum products is expected to increase next week amid Middle East violence (Photo courtesy of Philippine Star)

For the second time in a row, motorists should expect for another round of increase on the coming week of October. 

According to Assistant Director III of the Department of Energy Oil Industry Management Bureau (DOE-OIMB) Rodela Romero, increased violence between Israel and Lebanon has caused supply uncertainty amid fears that the war could widen to other neighboring countries.

As well as the interest rate cut in the United States and its lower fuel inventory, the latest economic stimulus of China, offsetting weak demand growth from Europe, it is certain that fuel prices will again go up next week after last Tuesday's price increase.

And based on the first 3 trading days in the Mean of Platts Singapore, imported diesel prices rose by P0.81/liter, gasoline by P0.67/liter and kerosene by P0.60/L. With additional premium costs, retail could easily go up by more than P1/L assuming current prices remain.

Estimated domestic pump prices are:

Gasoline - P0.30 to P0.60 per liter 

Diesel - P0.65 to P0.90 per liter 

Kerosene - P0.40 to P0.50 per liter

Last Tuesday September 24, fuel firms hiked the per liter prices of gasoline by P1.20 and P0.20 in diesel. While, there was no movement implemented on the per liter price of kerosene. The latest price movements brought the year-to-date total adjustment of gasoline and diesel to stand at a net increase of P5.85 per liter and P1.95 per liter

Source: ABS-CBN News 

Be part of ImHenyo community!

Get featured by sharing your stories, news, and comments

Email us at [email protected]