4th fuel price hike expected this week

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MANILA, Philippines — The prices of petroleum products are expected to continue their upward trend by as much as P1.50 per liter, according to forecasts from industry players.

Based on an advisory from Unioil posted Saturday, the per-liter increase in diesel may range from 50 centavos to 70 centavos.

Gasoline, meanwhile, may rise by P1.30 per liter to P1.50 a liter.

READ: Fuel price hike set for 3rd straight week

Projections from the Department of Energy (DOE) also showed the following possible upward adjustments on fuel products: P1.25 per liter to P1.50 per liter for gasoline; 40 centavos to 60 centavos per liter for diesel; and 60 centavos to 80 centavos per liter for kerosene.

READ: Fuel prices in Cebu City up by as much as P1.75 starting June 25

The projected figures were higher than last week’s increases.

Once fuel retailers implement these increases, next week could mark the fourth consecutive week of upward price adjustments.

READ: Another big-time fuel price hike looms

External factors

Rodela Romero, director of the DOE’s Oil Industry Management Bureau, still attribute the continuous spike in oil prices on external factors.

“Geopolitical tensions in the Middle East, an unexpectedly large withdrawals in the US crude inventories, and optimistic forecasts for summer fuel demand have all contributed to pushing prices in oil products higher,” she said in a statement.

Amid the series of price hikes, DOE data showed the year-to-date total adjustments for gasoline, diesel, and kerosene already stand at a net increase of P9.25 per liter, P8.40 per liter, and P1.75 per liter, respectively.