MANILA – Motorists should brace for higher fuel prices as oil companies are expected to implement another round of hikes in the pump prices of petroleum products in the coming weeks, starting today, Tuesday.
In its weekly fuel forecast for March 26 to 31, independent oil player Unioil said gasoline prices are expected to go up by P0.65 to P0.75 per liter while diesel may increase by P0.05 to P0.10 per liter.
In a separate text message, an oil industry source told GMA News Online that the price per liter of gasoline may hike by P0.70 to P0.75 per liter, while diesel may increase by P0.10 to P0.15 per liter.
If implemented, the price movement this week will be the 11th upward adjustment for gasoline and the ninth time for diesel.
The expected price adjustment is based on the Mean of Platts Singapore trading from March 18 to 22, the oil industry source said.
The Philippines is using MOPS (Mean of Platts Singapore) as the benchmark for local fuel products. MOPS is the daily average of all trading transactions of diesel and gasoline as assessed and summarized by Standard and Poor’s Platts, a Singapore-based market wire service.
Local oil companies usually implement fuel price adjustments every Tuesday of the week.
Latest data from the Department of Energy showed gasoline prices range from P51.20 to P58.01 per liter, while diesel prices range from P40.20 to P45.50 per liter. (GMA News)
