Pump prices will likely go up for the second consecutive week of as much as P0.90 per liter due to the volatility in world oil prices.
The Department of Energy (DOE) estimates an increase next week of P0.30 to P0.60 per liter for gasoline, P0.65 to P0.90 per liter for diesel and P0.40 to P0.50 per liter for kerosene.
“Domestic pump prices are expected to increase next week based on the four-day trading in MOPS (Mean of Platts Singapore) The following are the estimated adjustments: gasoline – P0.30 to P0.60, diesel – P0.65 to P0.90, kerosene – P0.40 to P0.50 per liter,” DOE director Rodela Romero said Friday.
Romero said world oil prices have increased week on week due to uncertainty in supply underpinned by an escalation in Middle East hostilities and the latest economic stimulus of China, offsetting weak demand growth from Europe.
She said the US crude inventory draw is also a “bullish signal indicating tightening global supplies.”
On Sept. 24, 2024, the oil companies increased pump prices by P1.20 per liter for gasoline and P0.20 per liter for diesel. There was no movement that affected the price of kerosene.
Year-to-date, DOE data shows that total adjustment of gasoline and diesel stands at a net increase of P5.85 per liter and P1.95 per liter, respectively, while kerosene remains at a total net decrease of P6.35 per liter.
Prevailing retail prices of petroleum products from Sept. 17 to 23 at the National Capital Region showed that gasoline sells from P49.15 to P83.32 per liter, diesel from P45.44 to P69.10 per liter and kerosene from P66.29 t o P77.65 per liter.
Pump prices vary depending on the brand, location, and market forces.
