Fuel prices set for 4th straight week of hikes

Another round of price hikes on petroleum products is expected next week, which could mark the fourth consecutive week of increases in pump prices.

Gasoline – Up by P1.50 – P1.70.

Diesel – Up by P0.50 to P0.70

Kerosene – Up by P0.60 to P0.80

This was the Department of Energy-Oil Industry’s estimate based on oil trading over the past four days.

“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,” said Department of Energy-Oil Industry Management Bureau Director III Rodela Romero.

Fuel firms usually announce price adjustments every Monday, to be implemented the following day.

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

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