Consumers can expect another oil price hike across all products next week due to the movement of prices in the world oil market.
Gasoline is forecast to increase by P1.30 to P1.50 per liter and diesel by P1 to P1.20 per liter based on this week’s Mean of Platts Singapore and foreign exchange average in the past 4 days versus last week’s full week average.
This will be the sixth consecutive weekly price hike for gasoline and the fourth consecutive week for diesel amid the ongoing volatility in the world oil market.
“Gasoline prices remain supported as well amid expectations of tighter supply as firm regional demand continue to draw down inventories, and as exports from major regional producers have been declining on the back of refinery outages and planned turnarounds,” Jetti Petroleum president Leo Bellas said.
He said further upside to prices are expected to be capped as supply tightness are seen to gradually ease with refineries returning from the seasonal turnaround.
Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau, said kerosene is projected to increase by P1 per liter but final estimates will be released after Friday’s trading.
“Early part of the week, prices of petroleum products in the international market see saw due to the latest US sanctions on Russian oil and the optimism over a potential end to the US government shutdown. But this was capped of a prediction that rising supply will outweigh demand,” Romero said.
On Nov. 11, the oil firms also increased the price of gasoline and diesel by P0.50 and P1 per liter, respectively.
