Pump prices of petroleum products are expected to go up again in the coming week, for the sixth time in the last seven weeks, the Department of Energy said Friday.
“There will be price increases in gasoline, diesel, and kerosene for next week, Tuesday, February 20,” DOE Oil Industry Management Bureau Assistant Director Rodela Romero said, citing oil industry estimates based on trading in the past four days.
“Estimated adjustment ranges from P1.10 to P1.50 [per liter],” Romero said, without indicating which products would see the increase.
The oil price hikes next week, she said, could be due to the following developments: the Middle East conflict rising at the Lebanese border; US crude stockpiles surging; the disruption of shipping in the Red Sea and Suez Canal; and the OPEC (Organization of Petroleum Exporting Countries) forecast of strong demand for 2024.
Local oil companies usually announce price adjustments every Monday, to be implemented the following day.
On Feb. 13, fuel firms slashed the per-liter prices of gasoline, diesel, and kerosene by P0.60, P0.10, and P0.40, respectively.
The latest price movements brought the year-to-date adjustments to stand at a net increase of P4.45 per liter for gasoline, P4.30 per liter for diesel, and P0.45 per liter for kerosene.
In Metro Manila, the prevailing retail prices of gasoline range from P55.90 to P78.35 per liter, diesel prices range between P53.77 and P67.40 per liter, while kerosene prices range from P72.49 to P83.84 per liter, according to the latest data from the DOE’s price monitoring as of Feb. 13 to 15.