The Department of Energy said Friday domestic fuel pump prices are forecasted to go up by as much as P2.60 per liter next week amid optimism about oil demand recovery from China.
“For the four-day trading, there will be an increase in the prices of petroleum products on Tuesday, Jan. 24, 2023. The estimate excludes adjustments for biofuels costs and other operating and administrative costs of the oil company,” DOE director for the Oil Industry Management Bureau Rodela Romero said.
She said gasoline might go up by P2.30 to P2.50 per liter, while diesel might increase by P1.90 to P2.10 per liter. Kerosene would also go up by P2.15 to P2.30 per liter.
“The main reason for the said increase is the recovery of the fuel demand in the world’s top oil importer, which is China,” Romero said.
Meanwhile, an oil industry source told the Standard diesel may go up by P1.90 to P2 per liter and gasoline by P2.50 to P2.60 per liter.
On Jan. 17, the oil companies implemented the third upward adjustment for the year 2023.
The oil firms increased the price of gasoline by P0.95 per liter and diesel by P0.50 per liter but cut the price of kerosene by P0.15 per liter.
These resulted in total adjustments this year to stand at a net increase of P3.10 per liter for gasoline and P0.80 per liter for kerosene and diesel at a net decrease of P0.20 per liter.
The oil firms adjust pump prices every Tuesday to reflect the movement of prices in the world market on a weekly basis.