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Saturday, July 13, 2024

Brace for a big-time oil price hike this Holy Week

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Consumers can expect a big-time oil price hike next week of as much as P2.10 per liter to reflect the movement of prices in the world market.

The Department of Energy (DOE) confirmed the impending oil price increase based on the four-day trading of Mean of Platts Singapore, the benchmark for oil importers.

Gasoline is forecasted to increase by P1.90 to P2.10, diesel by P1.35 to P1.50 per liter, and kerosene by P1.40 to P1.50 per liter.

“Friday trading would give the final estimates,” DOE director for the oil industry management bureau Rodela Romero said.

Romero attributed the increase in pump prices to several factors.

“Oil edges higher driven by speculation surrounding the impact of Ukraine’s recent assaults on Russian big 3 refineries; the reduction of Iraq crude exports; the big draw from US crude and gasoline stockpiles and the stronger demand and economic growth of US and China,” she said.

On March 12, 2024, the oil companies implemented a per liter rollback of P0.50, P0.25 and P0.30 for gasoline, diesel, and kerosene, respectively.

Year-to-date adjustment of gasoline and diesel stands at a net increase of P5.45 per liter and P3.80 per liter.

On the other hand, the net decrease in kerosene prices is P0.25 per liter.

Gasoline sells from P55.40 to P80.50 per liter, diesel from P52.65 to P82.86 per liter, and kerosene from P71.79 to P83.18 per liter at the National Capital Region as of March 19 to 25, 2024 monitoring.

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