Fuel price hikes poised for next week

INQUIRER FILE PHOTO

MANILA, Philippines — After cutting fuel prices by up to 90 centavos per liter in the first days of the new year, oil companies are expected to resume increases in the prices of petroleum products starting Jan. 7.

Rodela Romero, Department of Energy-Oil Industry Management Bureau assistant director, predicted a P1 increase in fuel prices.

She said gasoline could go up by 40 centavos to 70 centavos per liter, while kerosene prices may rise by 70 centavos to 80 centavos a liter.

Diesel may get the highest increase ranging from 75 centavos to P1 per liter.

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Meanwhile, in a separate advisory on Saturday, Jetti estimated even higher price increases, with diesel climbing by P1.20 to P1.40 a liter.

Gasoline prices are also seen to inch up by 80 centavos to P1 per liter.

Romero attributed the fuel price hikes to the production cuts slated until April of this year as the United States and Europe faced potentially severe cold blasts in January boosting demand for heating fuels.

—LISBET K. ESMAEL