DOE: Big-time hike on fuel prices seen in first week of November

Metro Manila, Philippines - Fuel prices are seen to have another huge increase in the first week of November, the Department of Energy (DOE) said on Friday, Oct. 31.

In its forecast, the DOE said diesel may have an increase of around P2.15 per liter next week.

Kerosene may also go up by around P1.75 per liter and P1.20 per liter for gasoline.

The DOE said the forecast was “[b]ased on the four-day trading in MOPS (Mean of Platts Singapore), without yet the cost of doing business by the oil companies and other premiums.”

The MOPS refers to the regional pricing benchmark used to determine local fuel prices.

The DOE said the adjustments may be attributed to the signs of easing US-China trade tensions that would boost oil demand, and sanctions by the United Kingdom, the United States, and the European Union on Russia.

On Tuesday, companies implemented a hefty increase in fuel prices in time for the Undas weekend. 

As of Tuesday, the DOE said the year-to-date total net increase stood at P16.50 per liter for gasoline, P19.15 per liter for diesel, and P6.55 per liter for kerosene.