Brace for fuel price hikes next week: DOE

By Ruth Abbey Gita-Carlos

August 26, 2022, 5:48 pm

<p><em>(PNA file photo)</em></p>

(PNA file photo)

MANILA – Oil firms are expected to raise fuel prices next week, the Department of Energy (DOE) said Friday.

Motorists will likely face fuel price hikes, given the higher demand for the petroleum products, Assistant Director Rodela Romero of the DOE - Oil Industry Management Bureau said at the “Laging Handa” briefing.

Romero said diesel and kerosene prices could go up by PHP5 per liter, while gasoline prices may increase by “more than” a peso per liter.

Bagama’t ayaw namin magbigay ng exact na price pero siguro medyo may kalakihan para sa (While we do not want to give an exact price, it [the increase] will be higher) next week,” she said.

Romero said fuel prices are controlled by market trading.

“So, hintayin po natin kung ano iyong magiging impact nitong trading na ito sa (Let’s wait what the impact would be on trading on) adjustment for Tuesday,” she said.

The price adjustments in petroleum products are usually announced by oil companies every Monday and implemented the following day.

Effective August 23, fuel firms implemented a per-liter increase of PHP0.70 for gasoline, PHP2.60 for diesel, and PHP2.80 for kerosene, based on DOE data.

Following the latest oil price hikes, the year-to-date total adjustments stand at a net increase of PHP18.15 per liter for gasoline, PHP31.70 per liter for diesel, and PHP27.10 per liter for kerosene. (PNA)