Oil companies poised to raise fuel prices anew

FILE PHOTO

Oil companies are expected to implement another fuel price increase next week but not as hefty as in the past weeks.

An industry source said companies may jack up the price of diesel by P2 to P2.30 per liter and gasoline by 20 to 50 centavos per liter, based on the Mean of Platts Singapore (MOPS) from June 13 to 16.

MOPS is the regional pricing benchmark for refined oil products.

Rino Abad, bureau director of the Department of Energy’s Oil Industry Management, said the pump prices could have gone up further if not for the quarantine restrictions in China.

Data showed that the price of gasoline in Metro Manila ranges from P79.80 to P91.65 per liter while diesel is sold for P83.95 to P92.35 per liter as of June 16. —Jordeene B. Lagare

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