Expect over P1 fuel price hike next week

MANILA, Philippines — Motorists should brace for an expected increase of over P1 in pump prices of petroleum products next week.

The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) estimated upward adjustments of P1.10 to P1.40 per liter for gasoline, P1.70 to P1.90 per liter for diesel and P1.10 to P1.20 per liter for kerosene.

The price indications were based on the four-day trading in the Mean of Platts Singapore.

DOE-OIMB assistant director Rodela Romero said oil prices edged higher following US production cuts in the Gulf of Mexico due to a hurricane, coupled with the delayed plans of OPEC+ to increase output in December.

As widely expected, the US Federal Reserve also trimmed the benchmark interest rate by 25 basis points during its policy meeting this week, which in turn could stimulate more economic activity and higher oil demand.

Last Tuesday, pump prices of gasoline declined by P0.10 while those of diesel and kerosene increased by P0.75 and P0.50, respectively.