Fuel prices expected to increase anew

CITY OF SAN FERNANDO---The prices of diesel and gasoline are expected to go up this week, the third time in January this year.

On Sunday, the Department of Energy (DOE) said that the possible increase will range from 45 centavos to 65 centavos per liter for diesel and 65 centavos to 85 centavos per liter for gasoline.

Oil firms like Unioil, however, project the increase at 70 centavos to 90 centavos per liter for diesel and 90 centavos to P1.10 per liter for gasoline.

No price adjustments are expected for kerosene, or a rollback of 10 centavos per liter might be possible, oil firms noted in a separate statement.

The DOE said the expected price adjustments are a result of the four-day trading in the Mean of Platts Singapore, the tension in the Middle East particularly attacks on ships in the Red Sea and the Iranian missile strikes on targets in Syria and Iraq.

These attacks on cargo ships and oil tankers have led to a general increase in freight and insurance costs, the DOE said.

The agency added that fuel-price estimates by the Organization of the Petroleum Exporting Countries’ forecast of strong growth in global oil demand in the next two years, also affect local fuel prices.

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