Another fuel price hike set next week

INQUIRER FILE PHOTO / NINO JESUS ORBETA

The prices of petroleum products will increase again next week amid stronger demand and the weakening of the peso against the US dollar. Jetti Petroleum president Leo Bellas said diesel prices may jump by 70 centavos to 90 centavos per liter, while gasoline may see a 30 centavos to 50 centavos price hike. Estimated data from the Department of Energy, meanwhile, showed “more or less” 50-centavos upward adjustment in pump prices. Bellas said the depreciation of the local currency could be “one of the main factors for the larger potential hike in domestic prices next week.” The freight and premium levels were also higher following the Red Sea attacks on cargo ships. This week, fuel retailers imposed price hikes of P1.40 a liter for diesel; 70 centavos for gasoline; and 80 centavos for kerosene. —Lisbet K. Esmael