Fuel price hike welcomes December

Not just the heavy traffic of December will be hurdled by motorists next week but also a fuel price hike of more than a peso, an industry player announced in its advisory on Saturday.

Petroleum player Unioil said fuel prices will go up next week or from 26 November to 2 December.

It said that diesel prices will increase by P0.90 to P1.10 per liter, while gasoline will hike by P0.90 to P1.10 per liter starting Tuesday next week.

On the other hand, other petroleum players said that based on the first five trading days, diesel is expected to rise by P1.00 - P1.20/L; gasoline by P1.10 — P1.30/L, and kerosene by P0.70 — P0.90/L.

The fuel price adjustments were attributed to the ongoing Ukraine-Russia war.

For its part, Department of Energy-Oil Industry Management Bureau Director Rodela Romero earlier said that an oilfield outage in Norway and the peso’s depreciation against the dollar had pushed fuel prices upward.

On Thursday, the country’s peso hit a historic low of P59 versus the United States dollar, the weakest level in more than two years.