Fuel price hike seen this week

MANILA, Philippines — Following recent rollbacks, pump prices of petroleum products are expected to increase this week amid concerns over global supplies.

The Department of Energy has indicated a potential per-liter price hike of P0.90 to P1.30 for gasoline, P0.85 to P1.35 for diesel and P0.90 to P1 for kerosene.

The estimates were based on the four-day trading in the international oil market.

Oil Industry Management Bureau assistant director Rodela Romero attributed the expected increase to the tightening of global supply caused by new US sanctions on Iran.

Romero added that OPEC+’s plan to cut oil production to offset output hikes in May further heightened supply worries.

The final price adjustments will be announced on Monday and will take effect the following day.

Last Tuesday, oil companies rolled back gasoline, diesel and kerosene prices by P3.60, P2.90 and P3.30 per liter, respectively.

Year-to-date, gasoline and diesel prices have a net increase of P0.95 and P1.55 per liter, respectively.

Kerosene prices, on the other hand, have declined by P2.90 per liter since the start of the year.