Consumers brace for oil, power price hikes

After two consecutive weeks of rollbacks, fuel prices are set to increase next week, driven by concerns over global supply and demand.

- GABRIELL CHRISTEL GALANG

Based on four-day trading in the Mean of Platts Singapore (MOPS), gasoline could rise by P0.50 to P0.80 per liter, while diesel may see an increase of P0.60 to P1 per liter. Kerosene is also projected to go up by approximately P1 per liter.

The Department of Energy's (DOE) Oil Industry Management Bureau (OIMB) attributed these potential hikes to concerns about tighter supply and higher demand in the United States.

"There are forecasts for less US oil production while investors weighed strong US gasoline demand data, [and] renewed Houthi attacks on shipping vessels in the Red Sea," OIMB Director Rodela Romero explained.

In related news, power distributor Manila Electric Co. (Meralco) announced an upward adjustment of P0.4883 per kilowatt hour (kWh) in electricity rates due to higher generation charges.