Fuel price hike seen again this week

TEMPORARY RELIEF Motorists can take a breather as fuel prices drop this week. INQUIRER FILE PHOTO

MANILA, Philippines — Another round of local pump price hikes awaits motorists this week due to various geopolitical events outside the Philippines, industry sources said.

Unioil estimated the diesel price to increase by 80 centavos to P1 per liter and gasoline by 20 to 40 centavos per liter.

READ: Fuel prices up by P1.10 to P1.55 per liter effective April 9

READ: Oil prices rise amid fears over escalating tensions in Middle East

DOE forecast

The Department of Energy’s (DOE) fuel price forecast on Friday was similar to that of Unioil, although it was based on four-day trading in the global market.

It said gasoline prices might be unchanged or increase by 20 centavos per liter.

Diesel might go up by 80 centavos to P1 per liter and kerosene by 85 to P1 per liter.

Last week, oil companies jacked up the prices of petroleum products by as much as P1.55 per liter.

Year-to-date gasoline, diesel and kerosene adjustments stand at a per liter net increase of P9.30, P6.05 and P1.40, respectively. —JORDEENE B. LAGARE