Hefty oil price hike next week: P2.10/l for gas

Consumers can expect pump prices to go up again next week, with gasoline expected to rise by as much as P2.10 per liter to reflect the movement of prices in the world market for oil.

Industry sources said that based on the four-day trading of the Mean of Platts Singapore, the pricing benchmark used by oil importers, domestic pump prices will increase by P1.95 to P2.10 per liter for gasoline, P0.65 to P0.85 per liter for diesel and P0.20 to P0.30 per liter for kerosene starting Jan. 30, 2024.

Department of Energy director for the Oil Industry Management Bureau Rodela Romero confirmed the impending oil price hike and attributed it to several international oil market developments.

Romero said the reduction in the US crude stockpile, the issuance of a stimulus package by the Central Bank of China to reinforce its economic recovery and India’s role of becoming the single most important driver of oil demand growth boosted global oil prices.

Meanwhile, DOE data showed that gasoline prices at the National Capital Region average from P54 to P79 per liter while diesel ranges from P52.20 to P68.45 per liter. Kerosene sells from P71.64 to P83.03.

Pump prices vary depending on the location, brand and market forces.

On Jan. 22, 2024, the oil companies increased the price of gasoline by P1.30 per liter and diesel by P0.95 per liter, but did not move kerosene prices.

The net adjustment of both gasoline and diesel stands at a net increase of P1.60 per liter year-to-date. Kerosene, on the other hand, remains at a net decrease of P0.40 per liter.