The Department of Energy (DOE) expects another round of big-time oil price hike next week of as much as P1.85 per kilowatt hour due to “continued geopolitical tensions and supply risks.”
This will be the second consecutive week of oil price hike.
DOE director for the oil industry management bureau Rodela Romero said based on the four- day trading in the Mean of Platts Singapore (MOPS), there will be an increase in the pump prices of petroleum products on Tuesday.
Domestic pump prices are expected to go up by P0.85 to P1.15 per liter for gasoline, P1.55 to P1.85 per liter for diesel, and P1 to P1.10 for kerosene.
Romero said the Ukrainian drone strike, which caused a fire at a major Russian oil terminal and Israel’s “all-out war” with Lebanon’s Hezbollah contributed to the geopolitical tension.
“The OPEC’s (Organization of Petroleum Exporting Countries) optimistic outlook that forecasted for strong growth in global oil demand for 2024 and 2025; and the peak summer driving season in the Northern Hemisphere area also supported oil prices,” Romero said.
On June 18, 2024, the oil companies increased gasoline, diesel and kerosene prices by P0.85, P1.75 and P1.90 per liter, respectively.
Year-to-date, total adjustment of gasoline, diesel and kerosene stand at net increase of P6.90 per liter, P6 per liter and P0.3 per liter, respectively.
