Fuel price hike looms next week

MOTORISTS should expect pump prices to go up next week amid recent global events that affected petroleum trading.

“Based on the four-day trading in MOPS (Mean of Platts Singapore) and relevant news in the international oil market there will be an increase in the prices of petroleum products by next week,” DOE-Oil Industry Management Bureau Assistant Director Rodela Romero said.

The following are the estimated fuel price adjustments:

* gasoline – more or less increase of P0.50 per liter

* diesel – more or less increase of P0.40 per liter

* kerosene – more or less increase of P0.10 per liter

The Energy official said the final adjustments would be determined after August 22’s trading.

“These estimated adjustments are attributed to the decline in the US oil stock for the week ending August 15 pointing to stronger refinery demand; and the continuing Iran – Israel conflict,” Romero said.

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

Effective Tuesday, August 19, oil companies hiked the prices per liter of gasoline by P0.60, while rolling back those of diesel by P0.80 and kerosene by P0.90. (GMA Integrated News)

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