AFTER a series of rollbacks, motorists should brace for a hike in the retail prices of petroleum products in the coming week.
Citing international trading in the past four days, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero on Friday, March 21, said, “We will be expecting an increase in the prices of petroleum products by next week.”
The estimated upward adjustments per liter are as follows:
* gasoline – P0.60 to P1
* diesel – P0.10 to P0.50
* kerosene – P0.10 to P0.30
The Energy official noted that final adjustments will be determined after Friday’s trading.
Romero cited the following global developments, which contributed to the anticipated hike in fuel prices:
* rising tensions in the Middle East wherein US launched military strikes on Houtis;
* Beijing released fiscal stimulus measures aimed at boosting consumption; and
* US government data showed a draw in fuel inventories.
Fuel firms announce official price adjustments every Monday, to be implemented on the following day.
Effective Tuesday, March 18, oil companies implemented a rollback of P0.20 per liter for diesel and P0.40 per liter for kerosene, marking a third straight week of price decrease.
Meanwhile, no price adjustment was implemented for gasoline.
Year-to-date, gasoline and diesel have a total net increase of P2.15 per liter and P2.85/per liter, respectively, while kerosene has a total net decrease of P0.70 per liter, according to data from the Energy Department. (GMA Integrated News)
