Fuel prices are likely to slightly go up in the third week of March, reversing a 2-week rollback.
The Department of Energy said that as of Friday, there was still a slight reduction of P0.15 liter for gasoline, P0.07 per liter for kerosene and P0.41 per liter for diesel.
But factoring in Friday’s trading, it is possible that the minimal reduction will be wiped out and the overall effect will be another round of oil price hikes next week.
With additional premium and freight costs, the bet is on oil price hike, said Jetti Petroleum President Leo Bellas, who sees a price increase in gasoline and maybe even a slight increase for diesel.
Bellas said there are supply concerns that might linger until the driving season which mainly affects gasoline prices.
For the past two weeks, there were minimal rollbacks amounting to P0.50 for gasoline and P0.65 for diesel.
