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Thursday, April 25, 2024

Diesel to lead 4th straight weekly hike in fuel prices by P1.70 a liter

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Consumers will face a fourth straight round of oil price hikes next week of as much as P1.70 per liter for diesel, reflecting the continuing volatility in the world oil market.

Industry sources said that based on the four-day trading of the Mean of Platts Singapore (MOPS), the pricing benchmark used by oilimporters, diesel pump prices may go up by P1.50 to P1.70 per liter, kerosene by P1.05 to P1.15 per liter, and gasoline by P0.75 to P0.95 per liter.

Department of Energy director for the oil industry management bureau Rodela Romero said the price uptrend was supported by several developments.

These include the drone attacks and fires to oil facilities of Russia designed to disrupt supply lines and logistics and the proposal to extend the production cut of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) of 2.2 million barrels per day until the first quarter of 2024.

World oil prices were also impacted by the US Federal Reserve’s plansto reduce interest rates to help boost economic growth and create demand for commodities like crude oil, and the economic stimulus package to boost China’s economy.

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“(Friday’s) MOPS trading will further increase or decrease the said price adjustments for next week,” Romero said.

The oil companies raised the price of gasoline, diesel, and keroseneby P2.80 per liter, P1.30 per liter and P0.45 per liter, respectively on Jan. 30.

The total adjustment of gasoline and diesel stands at a net increase of P4.40 per liter and P2.90 per liter, respectively.

Kerosene, on the other hand, has dropped P0.05 per liter for the year.

Prevailing retail prices of petroleum products in the National Capital Region for Jan. 30 to Feb. 5 range from P56.30 to P81.80 per liter forgasoline, P52.90 to P82.06 per liter for diesel, and P72.09 to P83.48 per liter for kerosene.

On Jan. 22, the oil companies also hiked the price of gasoline by P1.30 per liter and P 0.95 per liter for diesel but did not move kerosene prices.

Oil firms also raised the prices for diesel and kerosene of P0.90 per liter and P0.30 per liter for gasoline on Jan. 15.

Another oil price increase was implemented last Jan. 8 when diesel and kerosene went up by P0.90 per liter and gasoline by P0.30 per liter.

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