DOE sees possible hike in fuel prices in last week of March

Metro Manila, Philippines - The series of price rollbacks in fuel products is seen to end in the last week of March as the Department of Energy forecasts an increase in prices by Tuesday, March 25.

In its forecast on Friday, the DOE said gasoline may increase by P0.60 to P1 per liter next week.

Oil companies might also hike diesel by P0.10 to P0.50 per liter and kerosene by P0.10 to P0.30 per liter.

Oil Industry Management Bureau Assistant Director Rodela Romero said the possible price adjustment may be affected by the rising tensions in the Middle East after United States' strikes on Houthi rebels in Yemen.

Romero said other factors might include China’s fiscal stimulus measures and the decrease of US fuel inventories.

Companies implemented price decreases for three consecutive weeks.

Gasoline and diesel had a total net increase of P2.15 per liter and P2.85 per liter, respectively, while a total net decrease of P0.70 for kerosene, according to NewsWatch Plus calculations.