Big time fuel price hikes seen next week amid Mideast conflict, peso fall

MANILA — The potential increase in fuel prices further bloated after Wednesday's trading.

According to data from some oil players, the increase based on the first 3 trading days is now P3.65 per liter for diesel, P3.53 for kerosene and P2.37 for gasoline.

Jetti Petroleum President Leo Bellas sees around P3.90 to P4.10 per liter increase for diesel so far and more than P2 per liter for gasoline.

But if prices continue to rise Thursday and Friday, and the value of the Philippine peso versus the US dollar continues to fall, it is likely that the increase in diesel will be at least P4 per liter, Bellas said. 

The peso closed at P57.45 to the dollar on Thursday from P56.98 on Wednesday. It has been on a losing streak since Monday.

Bellas said that the weakening of the peso against the greenback has contributed in the overall increase, by around P0.75 per liter.

The Department of Energy has asked oil companies to extend discounts to public utility vehicles in order to cushion the impact of higher fuel prices.

Pilipinas Shell said it has 250 gas stations in Metro Manila and the regions that offer diesel discounts to PUVs and TNVS ranging from P0.50-P4.00 per liter. Jetti Petroleum also said some of its gas stations offer discounts ranging from P1-P2 per liter.

Based on DOE's data last week, gas station Roden in Caloocan sells the cheapest fuel products at P47.50 for diesel and P48 for premium gasoline.

Its other branch in Valenzuela sells diesel at P48 and premium at P49/liter.