Big-time oil price hike expected anew this week

MOTORISTS should brace for another round of big-time increases in the pump prices of petroleum products this week, local oil industry sources said.

Citing industry estimates based on the four-day oil trading from Aug. 7 to 10, Oil Industry Management Bureau assistant director Rodela Romero said the following adjustments might be implemented this week:

* Gasoline – up by P1.35 to P1.65 per liter

* Diesel – up by P1.10 to P1.40 per liter

* Kerosene – up by P2.05 to P2.40 per liter

Another industry source, likewise, said the price per liter of diesel might go up by P1.00 to P1.30. Gasoline prices, meanwhile, may be hiked by P1.40 to P1.70 per liter.

If implemented, the anticipated adjustments could mark the fifth straight week of hikes for gasoline, and the sixth consecutive for both diesel and kerosene.

“This is attributed to the Saudi’s production cut,” Romero said.

Other factors for the increasing global fuel prices could be attributed to the US government’s projection of a rosier outlook on its economy and Ukraine’s threat to retaliate if Russia continues to block Ukrainian ports.

“These offset concerns about slow demand from China,” Romero said.

Oil companies usually announce price adjustments every Monday, to be implemented on the following day.

Effective Aug. 8, fuel firms implemented an increase of P0.50 per liter for gasoline, P4 per liter for diesel, and P2.75 per liter for kerosene.

The latest price movement brought the year-to-date adjustments to stand at a net increase of P11.50 per liter for gasoline, P7.10 per liter for diesel, and P2.60 per liter for kerosene. (GMA Integrated News)