Oil prices going up for 4th week in a row

MANILA, Philippines — Motorists should brace for the fourth round of oil price hikes next week, with gasoline expected to have the biggest adjustment of as much as P1.50 per liter.

Department of Energy-Oil Industry Management Bureau assistant director Rodela Romero estimated an increase of P1.25 to P1.50 per liter for gasoline, P0.40 to P0.60 for diesel and P0.60 to P0.80 for kerosene.

The estimates were based on the four-day trading in the Mean of Platts Singapore.

According to Romero, the persistent geopolitical tensions in the Middle East and the unexpectedly large withdrawals in US crude inventories brought upward pressure on domestic pump prices.

The positive outlook for summer fuel demand has also “contributed to pushing prices in oil products higher,” she added.

The final price movements will be announced on Monday and will take effect the next day.

Last Tuesday, oil companies hiked pump prices for gasoline, diesel and kerosene by P0.95, P0.65 and P0.35 per liter, respectively.

Since January, gasoline, diesel and kerosene have increased by P9.25, P8.40 and P1.75 per liter, respectively.