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Sunday, May 26, 2024

Fuel prices poised to rise next week

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Oil prices will likely go up anew next week across all products by as much as P1.10 per liter to reflect the movement of prices in the world oil market.

Industry sources estimate the latest price movement at P0.90 to P1.10 per liter for kerosene, P0.80 to P1 per liter for diesel, and P0.20 to P0.40 per liter for gasoline based on the four-day trading period in the world oil market.

The source said the amount of these adjustments might still change based on the results of the last trading day for the week.

To start the month, local firms also raised the price of liquefied petroleum gas on Friday by P6.65 per kilogram or P73.15 per 11-kg tank to reflect the higher contract price of LPG in the world market.

Department of Energy director for the oil industry management bureau Rodela Romero confirmed the possible oil price hike next week.

“We will be expecting another round of increases in the prices of petroleum products. This is attributed to China’s stimulus measure to alleviate fuel demand and the hurricane Idalia that hit the oil production and power generation facilities in the US Gulf of Mexico and US government data that showed tighter than expected crude supplies,” Romero said.

Oil firms raised pump prices on August 29, triggering the eighth consecutive week of increases for diesel and kerosene and the seventh consecutive week for gasoline.

These companies implemented an increase of P0.30 per liter for gasoline, P0.70 per liter for diesel, and P0.80 per liter for kerosene on Tuesday.

The price adjustments resulted in a year-to-date net increase of P14.80 per liter for gasoline, P9.50 per liter for diesel, and P6.64 per liter for kerosene, according to the DOE.

 

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