P2/liter fuel hike seen next week

Fuel prices continue to rise. —INQUIRER FILE PHOTO

Oil companies are expcected to increase fuel prices by at least P2 per liter due to worsening conflict in the Middle East. Estimates from Rodela Romero, director of the Department of Energy (DOE) Oil Industry Management Bureau, showed that the per-liter prices of gasoline prices may go up by P2 to P2.30 and diesel by P2.35 to P2.65. Kerosene prices are expected to have the biggest upward adjustment ranging from P2.45 to P2.55 a liter. Jetti Petroleum also projected higher price movements for next week. It said the prices of diesel and gasoline may climb by P2.50 to P2.70 and P2.30 to P2.50, respectively. Oil companies usually announce their official prices every Monday, with the adjustments implemented the following day. Last week, fuel retailers also increased the prices of diesel and kerosene by P1.20 and 70 centavos per liter, respectively. —LISBET K. ESMAEL