Another round of fuel price hike looms next week

Metro Manila (CNN Philippines, April 24) — Motorists will be greeted with higher fuel costs in the coming week, according to industry sources.

In a fuel price forecast covering the April 27 to May 3 trading week, an industry source said the price of diesel could go up by ₱0.40 to ₱0.50 per liter.

The retail price for gasoline, meanwhile, may increase by ₱0.30 to ₱0.40 per liter.

Another industry source said in a mobile message the price of diesel is projected to rise by ₱0.20 to ₱0.30 per liter, and gasoline by ₱0.35 – ₱0.45 per liter.

Oil companies usually announce price adjustments every Monday and implement them on Tuesday.

Data from the Department of Energy showed oil firms implemented their price adjustments effective last Tuesday, April 20, when they raised the price of gasoline and diesel by ₱0.60 and ₱0.70 per liter, respectively, for this week.

Year-to-date adjustments stood at a net increase of ₱7.15 per liter for gasoline, while diesel was at a net increase of ₱5.35 per liter.