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Friday, March 29, 2024

Unioil forecasts P0.80 hike in oil, diesel price tags

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Pump prices of gasoline and diesel are both expected to increase by P0.70 to P0.80 per liter in the coming week, according to Unioil Petroleum Philippines’ forecast announced Saturday.

If accurate, Unioil’s fuel price forecast for February 1 to 7 would mark the fifth straight week of petroleum product increases.

Latest data from the Department of Energy indicate that year-to-date adjustments stand at a total net increase of P2.60 per liter for gasoline, P3.50 per liter for diesel, and P2.74 per liter for kerosene as of January 11, 2022.

This comes on the heels of another price hike—new suggested retail prices (SRPs) on bread products, as Pinoy Tasty will be priced at P38.50 from P35 per 450-gram loaf, while Pinoy Pandesal will sell for P23.50 from P21.50 per 250-gram pack of 10.

The price increases will be spread out from February 1 to 8 to give the Department of Trade and Industry time to publish the suggested retail prices and the supermarkets a chance to adjust their points-of-sale or cash registers, the DTI said on January 27.

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Last Tuesday, local oil companies also hiked pump prices by as much as P1.90 a liter.

The country’s oil firms raised pump prices for the fourth consecutive week by as much as P1.90 per liter of diesel effective 6 a.m. Tuesday.
Gasoline went up by P1.45 per liter while kerosene was P1.70 more expensive.

Petron Corp., the country’s biggest oil company, said the price increases reflect the movements in the international oil market.

Phoenix Petroleum Philippines, Chevron Philippines, Cleanfuel, Seaoil Philippines, and PetroGazz also trailed the latest price hike.

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