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Saturday, July 13, 2024

Fuel prices up by as much as P1.40/L next week

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Consumers may expect a big-time oil price hike of as much as P1.40 per liter next week to reflect the movement of prices in the world oil market.

Estimated price increase for the four-day trading is estimated at P0.90 to P1.20 per liter for gasoline, P1.20 to P1.40 for diesel and P1.10 to P1.30 per liter for kerosene.

Department of Energy (DOE) director for the oil industry management bureau Rodela Romero confirmed the price increase estimates, but said Friday’s trading movement would determine the final adjustments based on Mean of Platts Singapore, the pricing benchmark used by oil importers.

Romero said several factors contributed to the expected higher pump prices next week.

“Oil futures were little changed Thursday morning, taking a breather after a 4-day winning streak attributed to fears of a wider conflict in the Middle East, especially the Israel-Hamas might spread to include Iran; the Ukraine attack in Russia’s oil refineries; the OPEC’s decision to continue its policy on production cut; and signs of stronger economic growth in US and India,” Romero said.

OPEC refers to Organization of the Petroleum Exporting Countries, which controls the production, supplies, and prices of oil in the global market.

Latest DOE monitoring showed that gasoline prices range from P57.40 to P86.67 per liter, diesel from P53.15 to P80.30 per liter, and kerosene from P72.04 to P83.79 per liter for the National Capital Region.

On April 2, the oil firms announced a mixed movement with gasoline prices going up by P0.45 per liter while diesel and kerosene prices went down by P0.60 per liter and P1.05 per liter, respectively.

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