Fuel prices seen to increase next week

MANILA, Philippines — Pump prices of fuel products are set to increase again next week due to the weaker peso and production cuts in the global oil market, according to the forecast of the Department of Energy (DOE).

Rodela Romero, DOE Oil Industry Management Bureau assistant director, said prices of gasoline, diesel and kerosene would all increase.

Diesel prices are projected to increase by P0.35 to P0.55 per liter while gasoline could see an uptick between P0.45 and P0.65.

Meanwhile, kerosene prices could increase by P0.45 to P0.60 per liter, according to the DOE’s estimates based on the recent four-day trading.

“The estimated increases in the prices of petroleum products for next week are attributed to the OPEC+ production cut where analysts are awaiting the June 1 meeting that will focus on their output policy; a stronger dollar that makes crude oil more expensive for non-dollar economies and the rebound in demand from China,” Romero said yesterday.

The final price adjustments of fuel products would be announced by oil companies on Monday and would take effect the following day.

Last Tuesday, oil companies implemented a per liter decrease in gasoline by P0.10. Prices of diesel and kerosene meanwhile increased by P0.25 and P0.3 per liter, respectively. The year-to-date adjustments of gasoline and diesel as of May 21 stood at a per liter increase of P7.15 and P4.45, respectively.