Fuel Prices May Surge Up To P12/Liter Next Week, Oil Industry Source Claims
An industry source claimed that the fuel prices may increase up to P12 per liter starting next week, which will be the biggest hike this year.
A source from oil industry reported that the prices of diesel may go up to P12.75 per liter while gasoline prices may surge by P8.28 per liter. The source cited the oil trading monitoring as of March 7 based on the Mean of Platts Singapore.
The Standard and Poor’s Platts. Summarized and assessed the daily average of all trading transactions between fuel sellers and buyers, which is called Mean of Platts Singapore (MOPS). The local oil industry is using MOPS method.
However, the expected oil price hike may still change depending on the results of trading over the next few days. Oil companies usually announce the price adjustments every Monday and impose the price changes every Tuesday.
Last Tuesday (March 8, 2022), oil firms imposed the biggest price hike this year. The prices of gasoline by P3.60 per liter, P5.85 per liter of diesel and P4.10 per liter of kerosene, which marks the 10th straight week of price hike.
The Department of Energy also showed the latest year-to-date adjustments, which stand at P11.65 per liter of diesel, P9.65 per liter of gasoline, and P10.30 per liter of kerosene.
The Energy Department refused to give a statement regarding the continuous pump price hike. Energy Secretary Alfonso Cusi said that domestic oil prices may hit P100 per liter.
“The retail prices of fuel will depend on how far the prices will go up in the world market. Currently, the average retail price is at P70 per liter. If the world price hits $200 per barrel, it may result in an average retail fuel price of P100 per liter. Hopefully, it will not reach that point for us,” Cusi said.
What can you say about the impending hike? Just feel free to leave your comments and reactions to this article.
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