'Big' fuel price hike scheduled this week

CITY OF SAN FERNANDO --- For the 10th consecutive week, the prices of fuel will increase "big time" this week.

On Saturday, the Department of Energy (DOE) said that gasoline may go up by P1.15 to P1.35 per liter; diesel by P1.80 to P2.00 per liter; and kerosene by P1.70 to P1.90 per liter from September 19 to September 25.

In a separate forecast, oil firms like Unioil said that the cost of diesel may increase by P2.20 to P2.40 per liter.

The prices of gasoline is expected to climb by P1.60 to P1.80 per liter during the said period.

The hike would mark the 10th straight week of increases for gasoline and 11th for diesel and kerosene.

The DOE Oil Industry Management Bureau said the oil price increases were based on the four-day Mean of Platts Singapore (MOPS) trading from September 11 to 14.

MOPS is the basis for pricing of refined petroleum products in Southeast Asia. It is used by local oil firms in noting the daily average of all trading transactions between buyers and sellers of oil products.

The projected price adjustments “are attributed to the tighter supply outlook due to Saudi and Russia's voluntary production cuts, Libya's supply disruption due to the hurricane, and US crude inventory withdrawals,” the DOE Oil Industry Management Bureau said.

Trending

No stories found.

Just in

No stories found.

Branded Content

No stories found.
SunStar Publishing Inc.
www.sunstar.com.ph