For the fifth straight week, consumers must brace for another big-time fuel price hike effective Tuesday, reflecting the movement of prices in the world oil market.
Industry sources told the Standard diesel prices will likely go up by P3.40 to P3.60 per liter, kerosene by P2.45 to P2.65 per liter, and gasoline by P0.15 to P0.35 per liter.
This is based on the benchmark Mean of Platts Singapore trading and foreign exchange movement for the first four days of the week
In the last four weeks, diesel prices have risen by P6.80 per liter, gasoline by P5.35, and kerosene by P5.90.
Rodela Romero, Department of Energy director for the oil industrymanagement bureau, confirmed the impending oil price hike for next week.
“Oil prices jumped after Saudi Arabia said it would extend its unilateral voluntary cut of one million barrels per day into September adding that the cut could be extended or extended and deepened,” Romero said.
On August 1, oil companies implemented an increase of P2.10 per liter for gasoline, P3.50 per liter for diesel, and kerosene by P3.20 to P3.25 per liter.
These price adjustments resulted in a year-to-date net decrease ofP0.10 per liter for kerosene. Gasoline and diesel prices, on the other hand, have a net increase of P11 per liter and P3.10 per liter, respectively.