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Saturday, February 24, 2024

Big oil price hikes next week—DOE

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The pump prices of petroleum products will get a big bump up in the coming week, local oil industry sources said Friday.

Citing trading from July 10 to 13, an oil industry source told Manila Standard that the price per liter of diesel may go up by P1.80 to P2.00.
Gasoline prices, meanwhile, may be adjusted upwards by P1.50 to P1.70 per liter.

Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said: “For the four-day trading, we are expecting an increase in prices of petroleum products such as gasoline, diesel and kerosene.”

The price hike could be as much as over P1 per liter across all three fuel products, Romero said.“The increase is attributed to the planned supply cuts by the world’s biggest oil exporters and hopes for higher demand in the developing world offset wider economic concerns globally,” she said.

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