Fuel Prices Set to Soar Next Week in the Philippines
Drivers can expect to see an increase of around one peso per liter in the selling price of petroleum products over the next week, potentially marking two consecutive weeks of rising fuel charges.
According to global oil trade over the last four days, the projected increases per liter are as follows:
- Gasoline – ₱0.85 to ₱1.35
- Diesel – ₱0.75 to ₱1.25
- Kerosene – ₱0.95 to ₱1.10
The Assistant Director of the Oil Industry Management Bureau at the Department of Energy, Rodela Romero, linked the expected increase in fuel prices to several global factors that influenced the sentiment in the petroleum markets.
- Sanctions imposed by the US on Iran might take away one million barrels per day from worldwide supply.
- Russia and Ukraine keep targeting energy facilities.
- US warning of taxes on countries purchasing Venezuelan petroleum
Petrol companies declare their official pricing changes each Monday, effective from Tuesday onwards.
Starting Tuesday, March 25, local oil firms increased the cost per liter of gasoline by P1.10 along with raising diesel and kerosene rates by P0.40 each.
The recent price changes have resulted in this year’s cumulative adjustment for gasoline and diesel standing at an overall increase of P3.25 per liter. Meanwhile, kerosene has experienced a total year-to-date reduction of P0.30 per liter.
—VAL, GMA Integrated News
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Major increase in fuel prices anticipated next week
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