MANILA, Philippines — Motorists should brace for another round of fuel price hikes next week amid strong consumer demand and low oil supply in the global market.
The Department of Energy indicated an increase of P0.40 to P0.70 per liter for gasoline, P0.45 to P0.75 per liter for diesel and P0.65 to P0.75 per liter for kerosene.
The estimates were based on the trading in the international oil market for the past four days.
The expected upward adjustments, according to Oil Industry Management Bureau assistant director Rodela Romero, are driven by the decline in oil production from both OPEC and Russia last month.
“An additional factor was a new employment survey from the US – layoffs were low and job openings were growing – suggesting a strong economy,” Romero said.
Other factors contributing to the hike include the anticipated rise in demand from Asia, fueled by China’s economic stimulus package, and strong consumption in the US and Europe due to cold weather blasts.
Friday’s trading would determine the final price adjustments, which will be announced on Monday and will take effect the following day.
This week, oil companies hiked gasoline and kerosene by P1 per liter and diesel by P1.40 per liter.